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At the center of this transformation is a game-changing platform that's experiencing explosive growth with $41 million in revenue in just nine months. The stock has doubled in the last 45 days, but this is only the beginning.

Apple Eyes Barclays And Synchrony To Replace Goldman Sachs As Credit Card Partner: Report

Ananya Gairola
January 15, 2025

Apple Inc. (NASDAQ:AAPL) is reportedly exploring new partnerships to take over from Goldman Sachs (NYSE:GS) as its credit card partner.

What Happened: The discussions with Barclays (NYSE:BCS) have been ongoing for several months, but a deal may still take time to finalize, reported Reuters.

Apple has also engaged Synchrony Financial (NYSE:SYF) in discussions regarding the card partnership.

Apple, Barclays, and Synchrony did not immediately respond to Benzinga's request for comments.

See Also: Siri, Alexa And Google Assistant May Become A Thing Of The Past Thanks To ChatGPT Tasks — Here's How To Use The New Feature

JPMorgan Chase (NYSE: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.

Read Next:

  • Stephen King Slams Elon Musk's H-1B Visa Stance: ‘Musk Thinks Smart Immigrants Can Stay – The Rest of You Washing Dishes … Get Lost'

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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