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News: Apple Wants To End Its Credit Card Partnership With Goldman Sachs - Credit-Land.com

Apple expressed their interest in ending their consumer banking partnership with Goldman Sachs within the next year or so. If the bank decides to give its okay, this may possibly affect two consumer banking products offered in collaboration with Apple: Apple Card and Apple Savings.

Apple first launched the Apple Card in 2019 as a cash back card for the brand's enthusiasts. The card has no annual fee and earns elevated cash back on Apple and Apple Pay purchases. Then Apple introduced Apple Savings that allows to earn interest on your Daily Cash and any additional deposits.

It's not clear what will happen to credit and savings accounts if Apple and Goldman Sachs end their relationship. Goldman Sachs is handling the banking back end for the products, which means Apple would need a new financial partner.

Currently, Apple Card and Apple Savings continue to offer the same terms and benefits and are available for application.

If you are not a big fan of Apple products, you can consider alternative accounts to earn 2% cash back on all purchases or save with a high interest rate. For example, the Wells Fargo Active Cash® Card earns unlimited 2% cash rewards on all purchases. The Citi Double Cash® Card is a great choice for those who do not carry a balance on a credit card, as it earns you cash back when you buy and as you pay.

To earn high interest on your savings, you can consider opening an online certificate of deposit or a high-yield savings account online.

tags : Banks Credit Cards Savings Account

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All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.