Apple Inc. AAPL is reportedly exploring new partnerships to take over from Goldman Sachs GS as its credit card partner.
What Happened: The discussions with Barclays BCS have been ongoing for several months, but a deal may still take time to finalize, reported Reuters.
Apple has also engaged Synchrony Financial SYF in discussions regarding the card partnership.
Apple, Barclays, and Synchrony did not immediately respond to Benzinga's request for comments.
JPMorgan Chase JPM has also been in talks with Apple since last year.
Why It Matters: This discussion comes as Goldman Sachs, which launched the credit card with Apple in 2019, has decided to step back from its consumer finance ambitions.
Goldman’s current credit card agreement with Apple is set to last until 2030, but it might conclude earlier.
Internal challenges and financial difficulties have prompted the bank to reevaluate its position in the consumer finance sector.
This strategic shift aligns with Goldman’s decision to transfer its General Motors credit card business to Barclays.
Several financial institutions are interested in partnering with Apple. However, some view the original deal terms as risky and unprofitable, the report noted.
Price Action: Apple’s shares rose 1.97% on Wednesday, closing at $237.87. In after-hours trading, they climbed an additional 0.31% to reach $238.60, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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