Apple Card may get taken over by Barclays, Synchrony
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Apple Card. Last updated 12 hours ago. Just a day after the Goldman Sachs CEO said that his company's deal to service Apple Card customers may end early, two banks are said to be in active discussions to take over. Barclays and Synchrony Financial are the latest names tied to discussions about taking over Apple Card. A report published late on Wednesday by Reuters discussed the pair entering discussions with Apple and Goldman Sachs about Apple's credit card.
Sources familiar with the matter cited in the report say that the discussions are ongoing. They have been going on for months, apparently, and it's not clear where in the process the negotiations stand. Apple has worked with Barclay's in the past. The bank and Apple had a Barclaycard Visa with Apple Rewards, with users able to earn rewards towards future Apple or iTunes purchases at the time.
That partnership started to wind down in 2020 after it discontinued special financing of Apple gear for cardholders. On May 7, 2021, cardholders received a Barclays View MasterCard, which earned points toward MasterCard benefits instead of Apple-specific benefits.
Apple has a relationship with Synchrony Financial now. The company uses Synchrony Financial for a buy-now, pay-later option when checking out with Apple Pay. Goldman Sachs partnered with Apple in 2019 to launch the Apple Card. While the card gained popularity among Apple customers, Goldman Sachs was bleeding cash from the deal.
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