Goldman Sachs Reportedly Looking to Sell Apple Card to Amex
Apple Card and Apple Savings app

Goldman Sachs Reportedly Looking to Sell Apple Card to Amex

It looks as though Goldman Sachs may be looking to pass on the Apple Card to another issuer — specifically American Express.

What’s happening:

According to the Wall Street Journal, Goldman Sachs is currently in talks with American Express to sell its Apple financial services portfolio. This would include the Apple Card as well as the recently-launched Apple Card Savings and Apple Pay Later “buy now, pay later” products.

Launched in 2019, the Apple Card was Goldman Sachs’ first credit card and marked a new venture for the bank as it looked to appeal to a wider array of consumers. However, while the card has seemingly been a winner for Apple, Goldman has reported seeing a $1 billion loss, due in part to a higher charge-off rate (what happens after customers fall more than six months behind on payments) than competitors. Nevertheless, the bank has continued to release new financial products with Apple, including the aforementioned Apple Card Savings account. While that product originally launched with an APY that bested Goldman’s own Marcus account, the latter’s interest rate has since been adjusted to match.

In addition to the Apple Card, Goldman also signed on to issue co-branded credit cards from General Motors. The WSJ story suggests that the bank is looking to transfer those programs to another issuer as well. Meanwhile, although Goldman was in talks to issue a T-Mobile card, such a deal fell through and they’ve stopped bidding on additional programs.

My thoughts:

As someone who’s a fan of American Express, I’d welcome their purchase of the Apple Card for the potential integrations that could come with it. For example, the ability to turn Daily Cash into MR cash (or vice versa) would definitely be interesting. Of course, even under the Amex umbrella, I’d venture a guess that Apple would want to keep its financial products as separate from the Amex ecosystem as possible.

In terms of how likely it is that a deal will go through, it’s nearly impossible to say. On the one hand, Amex has been making a series of deals with a number of FinTechs lately — although these partnerships are to have cards operate on their payment network and not to directly issue cards. It’s also unclear how much Goldman would want for the portfolio, whether Apple would need to okay a deal, etc. Nevertheless, it will definitely be interesting to see what comes of these talks (if anything) and whether the Apple Card ultimately does find a new home.


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

2 Qatar Airways Privilege Club Credit Cards

Cardless Launches Two Qatar Airways Co-Branded Credit Cards

The FinTech startup Cardless is partnering with Qatar Airways to offer two new co-branded cards to the American market. About the cards: Recently, Cardless introduced its two latest rewards credit cards: The Qatar Airways Privilege Club Signature Card and the Qatar Airways Privilege Club Infinite Card. Starting with the Signature card, it earns 4x Avios on Qatar Airways purchases plus 2x Avios on dining purchases, and 1x Avios on all...
Yendo logo and credit card

Vehicle-Secured Credit Card Company Yendo Raises $165 Million

A FinTech that offers the first-ever credit card secured by a customer's vehicle has announced its latest round of funding. About the round: This week, Yendo announced that it had raised $165 million. However, this includes $150 million in debt financing and $15 million in equity. The debt portion was led by i80 group, while the strategic investors that participated in the equity round were not disclosed. Yendo previously raised...
woman holding her hands to her temple thinking

Lessons From a First-Time Home Buyer: Worst Time to Buy a House? There Are Always Exceptions

If you've been thinking about buying a house, looking at the news lately has likely disheartened you. As CNN reports, a recent Gallup poll found that 76% of Americans believe it's a bad time to buy — with only 21% saying it's a good time. There are several reasons for that sentiment, with the top two being the combination of high interest rates and high home prices. So, are you...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...