Apple Card end near? Apple ends important collaboration

Apple introduced the Apple Card in 2019, but is now ending its partnership with an important bank. Does this mean the end of the Apple Card?

This is the Apple Card

In 2019, Apple launched its own credit card: the Apple Card. This is a physical and digital debit card that works just like all other credit cards. In addition to making (online) payments, you can also use the card to gain insight into your expenses and income. The advantage of the Apple Card is the rewards program, which gives you money back depending on how often you pay with the Card.

Also read: Set up and use Apple Pay – how to pay with iPhone, Apple Watch or Mac

For example, you will receive a refund of three percent of the purchase amount if you purchase an Apple product with the Apple Card and Apple Pay. In addition, Apple introduced a favorable interest rate for Apple Card holders this year. However, there is now uncertainty about the future of the Apple Card, because Apple is ending its collaboration with Goldman Sachs. Is the end of the Apple Card approaching?

apple card debit card

Apple ends important collaboration

Goldman Sachs is an American bank with which Apple collaborates for the Apple Card. The bank has reportedly lost money so far mainly due to Apple’s debit card. As a result, Goldman Sachs had already asked Apple to end the partnership for the Apple Card. That end now appears to be coming, as Apple has asked the bank to end the collaboration within 12 to 15 months.

It’s unclear what this means for the Apple Card. In a response, Apple has already indicated that it will not stop using the debit card. The company says it plans to continue innovating the Apple Card. In practice, Apple will have to look for a new bank to collaborate with for the Apple Card, especially after the end of the contract with Goldman Sachs.

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US banks are showing interest in Apple Card

A number of US banks have already shown interest in the Apple Card, so it appears that this does not mean the end of the debit card. This again concerns American banks, so we should not expect the Apple Card abroad for the time being. Despite previous plans, Apple has only released the debit card in the United States for the time being.

Also read: End of Maestro near: what does this mean for your debit card and Apple Pay?

It seemed for a long time that the Apple Card would also come to Europe, but that never happened. Tim Cook has expressed his ambitions to also launch the debit card internationally, but that is not the case for the time being. The end of the collaboration with Goldman Sachs will probably mean that we will have to wait even longer for the Apple Card in Europe.

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