British bank Barclays is reportedly in talks with US tech giant Apple to potentially become its new credit card partner, according to Reuters, citing two sources familiar with the matter.Barclays reportedly in talks with Apple over credit card partnershipThe report states that Barclays and Apple have been in discussions for months, but any potential deal may still be months away.Barclays, which replaced Goldman Sachs as General Motors’ credit card partner in October, is reportedly one of a number of financial institutions vying for the Apple Card partnership deal.Banking heavyweight JP Morgan Chase was said to be among the interested parties in a report by The Wall Street Journal in September, while Reuters also reports that Synchrony Financial is also in talks with the tech giant over the credit card partnership.Apple first launched digital credit cards with Goldman Sachs in 2019, before going on to debut a savings offering with the bank four years later.But speculation around the future of the partnership began to grow as a result of Goldman Sachs’ decision to migrate away from the retail banking market and shift its focus back to its core propositions of trading and investment banking, wealth management, and transaction banking.In the bank’s latest earnings call on 15 January, David Solomon, CEO of Goldman Sachs, said: “We have a contract with Apple to run that partnership until 2030, although, there is some possibility that it won’t continue to that timeframe.”In October last year, the Consumer Financial Protection Bureau (CFPB) ordered Apple and Goldman Sachs to pay nearly $90 million in combined penalties and customer refunds over alleged “customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users”.
Lun. Gen 20th, 2025
