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Apple is quietly quarrel a headline byThe Wall Street Journalthat lay claim the tech giant has “ pulled the stopper ” on its Goldman Sachs partnership which encompass the Apple Card credit card and savings report . rather , Apple says the two companies remain focussed on providing “ an unbelievable experience ” for customer , in a statement provided to TechCrunch . However , the Journal reports that ’s not the case — reference unnamed root , it claims the tech giant has sent a proposal to Goldman to exit from their partnership in 12 to 15 month .
No such way out has been officially annunciate at this clip , but there have been multiple report detail how the partnership had soured over the years , include a July 2023 clause fromThe entropy .
That report noted the problems Goldman confront with Apple Card , like how it miss traditional forms of credit card tax income , such as yearly fees , belated fees and overseas transaction fees . Instead , it earns fee from loan cut to cardholder who finance their Apple products over monthly installments . The article also referenced some of the regretful PR Apple Card received after a viral tweet suggest that some women with good credit were being given worse term than their husband . While governor found no wrongdoing , the incident left a spot on Apple ’s reputation .
subsequently , as Goldman tilt off from its consumer scheme , TheWall Street Journal reportedthat the bank building began snitch its Apple partnership to American Express . JPMorgan Chase was also named as another potential partner . Today , WSJ point to other problems , as well , like Apple ’s insistence that all cardholders are billed at the beginning of the month , which causes client service headache , and its push to get most applicants approved .
While Apple does n’t specifically express that The WSJ is bland - out wrong , it issue a instruction that leaves way for doubt as to the deal ’s status :
“ Apple and Goldman Sachs are focused on providing an unbelievable experience for our customers to avail them leave healthier financial life , ” a company argument reads . “ The award - winning Apple Card has seen a gravid response from consumers , and we will go on to innovate and deliver the best tools and service for them , ” Apple allege .
The statement could be translate in multiple ways . In one version , Apple is allege the deal is still on and nothing has change untilAppleannouncesit has . In another reading , Apple wants to merely sow question around any negotiations it may have afoot in decree to not cause its existing customers to worry that their Apple Mastercards will suddenly turn into Amex ’s , for example .
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Still , it ’s deserving pointing out that Apple would not go on record about The WSJ ’s newspaper headline , the details in its news report , or surmise around novel partnerships beyond the offer command . That also allow for room for dubiousness , as Apple is not being transparent about the specific points The WSJ is making .
yack about the Apple - Goldman peck ’s potential end has continued to farm in late month , despite the fact that Goldman announced a year ago that the dealwas extend through 2029.While that does n’t mean there are n’t ways for the company to get out of the arrangement , it does mean there are contractual obligations that would make doing so difficult for either company . As The Information had also reported , Goldman ca n’t only offload the businesswithout Apple ’s blessing . Plus , the report take down Apple also has a mickle to launch the Apple Card through Mastercard ’s connection until at least 2026 . While Apple could partner with another bank , the story pegged the time frame for unraveling the Goldman deal as around 18 months — which is in line with The WSJ ’s newfangled estimates . When there ’s smoke …
