If you use Apple Card in the U.S. you may be getting an email soon about who will manage your card instead of Goldman Sachs.
According to the Wall Street Journal (behind a paywall), American Express is in talks with Sachs to take over its side of the deal with Apple, which could be announced over the next few months.
While the card has been touted as a success by Apple, Sachs has reportedly been at the mercy of a probe into its credit card division, which Apple Card is a part of. Sachs revealed in 2022 it had lost $1 billion since Apple Card's launch.
Apple Card was first revealed in 2019 and made available to users in the U.S. in August of that year. You could apply for an Apple 'Credit' Card, and you could use the Wallet app to manage your credit purchases, which Sachs would manage.
With differing takes on the success of the scheme, this then begs the question — was Apple Card simply launched at the wrong time?
No more cashback for Goldman
Apple Card was announced before the COVID-19 pandemic had occurred, changing the world for almost two years.
Many users were trying to keep safe during this time, and while Apple and Sachs allowed Apple Card users to defer their March payments in 2020, it was a product of a pre-COVID time.
Also, just like Apple Pay Cash, which allows you to send money to a cash card over iMessage, Apple Card is still only available in the U.S., with no word of Apple Card coming to the UK and other countries.
Other services similar to Apple Card like Monzo and Starling (which have international reach) have been offering 'buy now, pay later' features where you can spread the payment out over a few months while paying some additional interest. But the Wallet app outside the U.S. still only allows you to use your bank cards, gift cards, and tickets.
So while there may be an opportunity for Apple Card to be available in other countries, it would also be great to see an expansion of it, especially if American Express takes on the mantle from Sachs. Perhaps a debit card could be in the line's future too.
Do you have one? Let us know in the iMore Forums if you've been happy with the Card so far.
