Apple's Credit Card Shakeup: Barclays and Synchrony in Talks to Replace Goldman Sachs

Apple is reportedly in talks with Barclays and Synchrony Financial to replace Goldman Sachs as the issuer of its popular Apple Card, according to sources familiar with the matter. This move comes as Apple seeks to diversify its banking partnerships and explore new opportunities in the credit card market.



Goldman Sachs, which launched the Apple Card in 2019, has faced regulatory challenges and customer service issues that may have contributed to Apple's decision to explore other partnerships. In October 2024, the Consumer Financial Protection Bureau (CFPB) fined Goldman Sachs more than $90 million for various missteps related to the Apple Card, including billing errors and dispute resolution issues.

Barclays, a well-established credit card issuer, has a strong presence in the U.S. market and offers a diverse range of cards, including cashback and rewards cards. Synchrony Financial, on the other hand, is a leading provider of private label credit cards, partnering with major retailers like Amazon, Lowe's, and Walmart. Both Barclays and Synchrony Financial have the potential to bring unique benefits and competitive advantages to the Apple Card partnership.



As Apple considers its options, it is essential to weigh the potential benefits and challenges of partnering with Barclays or Synchrony Financial. Both companies have strong track records in the credit card industry and could help Apple expand its reach and enhance its offerings. However, Apple must also consider the potential impact on its customers and the broader financial ecosystem.



In conclusion, Apple's decision to explore new partnerships for its Apple Card could have significant implications for the tech giant and the broader financial industry. By considering the strengths and weaknesses of potential partners like Barclays and Synchrony Financial, Apple can make an informed decision that best serves its customers and furthers its strategic goals in the credit card market. As the talks continue, investors and industry observers will eagerly await the outcome of these negotiations and the potential impact on Apple's financial services offerings.