The time for a new Apple Card issuer might finally be near

It’s 2025 and the Apple Card saga is still unfolding. Last year, reports surfaced that talks between Apple and JPMorgan Chase had picked up, possibly signaling a move away from the current issuer, Goldman Sachs. A new player is joining the mix, while Goldman Sachs seems eager to bow out, particularly after the Apple Card missteps led to over $89 million in fines for both Apple and Goldman last year.

A new report reveals that Apple is discussing with Barclays to take over from Goldman Sachs as its credit card partner, according to two sources familiar with the matter. This comes as the Wall Street giant pulls back from its consumer finance plans. Additionally, according to one of the sources, Synchrony Financial, a credit card issuer, is reportedly in talks with Apple about the potential partnership.

Multiple financial firms are competing to replace Goldman Sachs, which partnered with Apple to launch the credit card back in 2019, according to the sources. While the appeal of working with Apple, one of the most recognizable names globally, is strong, some lenders have reportedly seen the initial terms of the deal as risky and not profitable. Talks between Apple and Barclays have been underway for months, but it could still take a while before an agreement is finalized.

As mentioned earlier, JPMorgan Chase has also been in discussions with Apple about the partnership since last year. Although Goldman Sachs’ deal with Apple runs until 2030, Goldman CEO David Solomon recently suggested the collaboration could wrap up earlier. So, it’s no surprise that talks with other potential partners are in full swing.

A switch in the Apple Card’s issuer could bring a host of new features and perks for cardholders, along with the possibility of a different or more consistent interest rate for Apple Card Savings accounts. Recently, Apple and Goldman Sachs reduced the savings rate again. Ultimately, as a consumer, I’m hoping that whoever Apple partners with next will result in a stronger and more competitive product for us.