Apple Card isn’t available in Canada or outside of the U.S., but it’s interesting to follow what’s happening with this iPhone-linked credit card offering.
Goldman Sachs Group is reportedly in talks with American Express to transfer its Apple credit card and other related businesses, according to sources knowledgeable about the matter speaking to the Wall Street Journal. This comes as Goldman Sachs plans to scale back its consumer business, despite its commitment to Apple.
Previously, Goldman Sachs extended its partnership with Apple through the end of the decade and agreed to support Apple’s “buy now, pay later” initiative, in addition to launching a bank account with the tech giant.
Goldman Sachs is not only considering selling its Apple businesses but is also looking into the transfer of its card partnership with General Motors to American Express or another issuer, the sources revealed. However, a deal with American Express is neither imminent nor guaranteed, and it could take considerable time to finalize the transfer–and also be approved by Apple.
If Goldman Sachs withdraws from its credit card business and its ties with Apple, it would mark the end of its consumer lending operations. The bank has already stopped issuing personal loans and might offload GreenSky, the home-improvement lender it acquired in 2022.
Apple Card seems like an impossible product to debut in Canada, but it’s worth noting when Apple Pay launched in Canada, the first partner was American Express. One day we can dream about Apple Card coming to Canada…
