Goldman Sachs is out as the bank behind the Apple Card. Apple announced Wednesday that Chase will become the new issuer of the credit card.
The tech giant and the bank promise that features — including up to 3% unlimited Daily Cash back on purchases — will not change, even though Goldman Sachs will no longer issue the Apple Card.
August 20, 2019: The Apple Card launch brings the titanium credit card to U.S. consumers for the first time. It gives them a new option for payments when Apple Pay isn’t available.
The iPhone’s Wallet app handles statements and payments. And the innovative card is “designed to help customers lead a healthier financial life,” according to Apple. Surveys show the card soon becomes beloved.
“We’re thrilled with the overwhelming interest in Apple Card and its positive reception,” says Jennifer Bailey, Apple’s vice president of Apple Pay, in a press release. “Customers have told us they love Apple Card’s simplicity and how it gives them a better view of their spending.”
The interest rate earned by cash stored in Apple Card Savings accounts dropped on Wednesday, continuing a series of such reductions begun in 2024 when the Federal Reserve cut its benchmark interest rate. Money in these accounts now earns 3.65% in annual interest.
Over the past two years, Apple and Goldman Sachs boosted and lowered in the rate multiple times. And the current rate is still well above what’s earned by typical savings accounts.
Visa reportedly wants to take over Mastercard’s partnership on the Apple Card. The company has allegedly offered Apple $100 million to make it happen.
Apple ended its partnership with Goldman Sachs over the Apple Card. It currently seeks a new banking partner and card issuer.
Apple is in ongoing talks with two financial companies to take over Apple Card credit services management from Goldman Sachs, according to a new report. The iPhone giant has been discussing the matter with Barclays and Synchrony Financial for a while, apparently.
News of the talks comes just one day after Goldman Sachs’ CEO said on an earnings call the firm’s Apple Card management, scheduled through 2030, might end sooner than that.
Apple Card is notifying customers impacted by the Los Angeles wildfires that they can delay their payments without incurring interest.
Apple is contacting Apple Card users living at an address declared a natural disaster zone. Affected users must enroll in the Disaster Relief Program to be eligible.
The Consumer Financial Protection Bureau (CFPB) imposed nearly $90 million in combined penalties on Apple and Goldman Sachs, the agency said Wednesday. The fines punish widespread customer service failures and misleading practices affecting Apple Card users. And the Apple Card fines for Apple and Goldman Sachs add up to some serious bank, too.
The enforcement action comes after an investigation revealed “significant breakdowns” in dispute handling and deceptive marketing of interest-free payment plans, CFPB said. Apple and Goldman Sachs didn’t much like the findings but pledged compliance.
JPMorgan Chase could replace Goldman Sachs as the Apple Card banking partner. Apple and JPMorgan have been discussing a potential partnership since early this year.
Despite this, a potential deal between the two companies could take several months to finalize.
Apple’s latest promo will get new Apple Card users up to $300 in bonus Daily Cash. The company never before gave new Apple Card users such a high welcome bonus.
Apple is running this offer for select U.S. customers. To be eligible for the cashback, you must sign up for the card through the promo link.
For the fourth year running, Apple Card is tops in customer satisfaction, along with issuer Goldman Sachs, according to the 2024 U.S. Credit Card Satisfaction Study by J.D. Power. They came out No. 1 in their segment, co-branded credit cards with no annual fee.
Money stored in Apple Card Savings accounts just started earning more interest. Goldman Sachs, the bank that backs these accounts, raised the interest rate to 4.25%.
This is a far higher rate than most savings accounts available to consumers. If you’re interested in learning more about the Apple Savings APY, check out the latest details on Apple Card’s savings interest rate.
This week on Cult of Mac’s podcast: It sounds like Apple’s partnership with Goldman Sachs is on the rocks. What does that mean for the future of Apple Card?
Also on The CultCast:
Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.
Apple’s partnership with Goldman Sachs for the Apple Card is reportedly coming to an end. The Wall Street Journal says Apple sent a proposal to the bank to exit from the agreement in the next 12 to 15 months.
At the moment, it remains unclear if Apple has zeroed in on another banking partner for Apple Card.
For the third year in a row, Apple Card has been named the Best Co-Branded Credit Card for Customer Satisfaction with No Annual Fee in J.D. Power’s study of U.S. credit cards.
The high interest rates offered by Apple Card Savings have now brought in $10 billion in deposits since the service launched in April.
That’s a boon for Goldman Sachs, the bank that holds all that cash and handles the Apple Card, too.
Not just anyone qualifies for a new Apple Card — including Apple CEO Tim Cook, according to a new report. The Goldman Sachs underwriting system apparently rejected his application a while back.
Amid reports lately that Goldman is losing money on its deal with Apple, and the two might part ways, it almost sounded like payback. But that’s not it.
This week on Cult of Mac’s podcast: The latest rumors point to impressive iPhone upgrades on the horizon. Stacked batteries might deliver the holy grail of longer battery life as early as this year. And in 2024, the iPhone Pro Max camera might graduate to a mind-blowing 12x zoom. Excuse if we’re a little excited!
Also on The CultCast:
Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.
A new Apple Card promotion can get you up to 10% Daily Cash Back on App Store purchases. The promo is only applicable to new customers.
You will also get 10% Daily Cash on transactions on other Apple services, like Apple Music and Apple TV+.
Goldman Sachs reportedly wants out of a partnership with Apple that has the bank backing the Apple Card and other financial services. It’s not hard to guess why: recent filings from the bank indicate it has lost at least $1 billion on the deal.
It’s supposedly looking to hand the business off to another megabank.
Apple is reportedly in talks with HDFC Bank to bring Apple Card to India. The latter is among the country’s largest credit card issuers and private banks.
The Cupertino giant also held discussions with NPCI to launch Apple Pay in the country.
Apple Card Savings accounts launched to great acclaim recently with their high yield, but some customers are complaining that withdrawing money and transferring funds through the Goldman Sachs-held accounts takes too long.
And some are leaving, according to a new report.
This week on Cult of Mac’s podcast: What will WWDC23 bring us? In addition to a sweeping look at the future of all Apple’s platforms, it sounds like we’ll get some major new hardware. Yes, there’s that $3,000 AR/VR headset, but there’s also something we really want: a 15-inch MacBook Air.
Also on The CultCast:
Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.
The high interest rates offered by Apple Card Savings reportedly brought an enormous rush of deposits in the first days after the financial service became available in mid-April. The savings accounts for iPhone users pulled in nearly $1 billion in only the first four days.
And that was weeks ago, so it’s almost certainly well over the billion dollar milestone by now.
Macs offer great value, but they aren’t necessarily cheap. After all, Apple’s most affordable laptop, the MacBook Air, currently starts at $999. If you need a capable computer that you can take anywhere, but you don’t have enough cash on hand to buy a MacBook Air or MacBook Pro outright, you have options.
This week on Cult of Mac’s podcast: The latest leaks about Apple’s AR/VR headset — possibly called the “Reality” — get us thinking about real-world applications. Will this thing kick-start a mixed-reality revolution, or flop harder than the Pippin?
Also on The CultCast:
Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.