I have the Apple Card, and I’m rather pleased with it. Who isn’t pleased, is Goldman Sachs, who is currently in the middle of working out an exit strategy. At the request of Goldman Sachs, Apple has proposed terminating the partnership, including the Card, but also the Savings account. On the Goldman Sachs side, they have been bleeding money in the consumer finance world, and that includes not only Apple, but their GM branded items, and some other ventures. Apple is reportedly working on their own payment system (similar to the middlemen of Visa and Mastercard), but also has a runner-up in the original bidding for the Apple card in a major store credit card carrier called Synchrony. Either way, it looks like the Apple Card isn’t going away.
Apple Card’s transition to a new partner won’t be easy. Here’s a look at the technology, which banks may step up, and the different acquisition scenarios.