Apple is quietly disputing a headline by The Wall Street Journal that promises the technology monster has actually “pulled the plug” on its Goldman Sachs relationship which takes care of the Apple Card charge card and checking account. Rather, Apple claims the 2 businesses continue to be focused on providing “an amazing experience” for customers, in a statement offered to For Millionaires. Nevertheless, the Journal reports that is far from the truth — mentioning sources that are unnamed it claims the tech giant has sent a proposal to Goldman to exit from their partnership in 12 to 15 months.

No such exit has been formally announced at this time, but there have been multiple reports detailing how the partnership had soured over the years, including a July 2023 article from The Information.

That report noted the problems Goldman faces with Apple Card, like how it misses traditional forms of credit card revenue, such as annual fees, late fees, and transaction that is overseas. Rather, it earns costs from financial loans given to cardholders which finance their particular Apple services and products over equal payments. The content additionally referenced a number of the bad PR Apple Card obtained after a tweet that is viral that some women with good credit were being given worse terms than their husbands. The incident left a stain on Apple’s reputation.

Later, as Goldman shifted away from its consumer strategy, The

that the bank began shopping its Apple partnership to American Express while regulators found no wrongdoing. JPMorgan Chase has also been known another partner that is potential. Today, WSJ points to other problems, as well, like Apple’s assistance that all cardholders are billed at the beginning of the month, which causes customer service headaches, and its push to get most applicants approved.

While Apple doesn’t specifically state that The WSJ is flat-out wrong, it issued a statement that leaves room for doubt as to the deal’s status:“Apple and Goldman Sachs are focused on providing an experience that is incredible our consumers to assist them to lead healthiest economic resides,” an organization declaration checks out. “The award-winning Apple Card features seen a reception that is great consumers, and we will continue to innovate and deliver the best tools and services for them,” Apple said. The statement could be interpreted in multiple ways. In one reading, Apple is saying the deal is still on and nothing has changed until Apple


it has. In another reading, Apple wants to simply sow doubt around any negotiations it may have underway in order to not cause its customers that are existing be concerned that their particular Apple MasterCards will instantly develop into Amex’s, as an example.was extended through 2029.Still, it’s well worth pointing aside that Apple will never carry on record in regards to the WSJ’s headline, the main points with its report, or speculations around brand new partnerships beyond the offered declaration. That can will leave space for question, as Apple isn’t becoming clear concerning the points that are specific WSJ is making.without Apple’s approvalChatter about the Apple-Goldman deal’s end that is potential proceeded to develop in present months, even though Goldman launched last year that the offer While that does not indicate there aren’t techniques when it comes to organizations to leave of this contract, it does indicate you can find contractual responsibilities that will make performing this problematic for either celebration. Because the Information had additionally reported, Goldman can’t offload the business simply

. Plus, the report noted Apple also has a deal to run the Apple Card through Mastercard’s network until at least 2026. The report pegged the timeframe for unraveling the Goldman deal as around 18 months — which is in line with The WSJ’s new estimates while Apple could partner with another bank. (*)When there’s smoke…(*)