AsianFin -- Apple is reportedly in discussions with Barclays to replace Goldman Sachs as its credit card partner, Reuters reported, citing two sources familiar with the matter. The talks come as Goldman scales back its consumer finance ambitions.
Synchrony Financial, another major credit card issuer, is also engaged in discussions with Apple, the first source revealed. Both sources requested anonymity due to the private nature of the negotiations.
Multiple financial institutions are competing to succeed Goldman, which launched the Apple Card in 2019. However, prospective partners are wary of the original deal terms, which sources previously described as risky and unprofitable for lenders.
Negotiations with Barclays have been ongoing for several months, but finalizing an agreement could still take additional time, the first source added.
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