Conflicting Reports on Apple-Goldman Sachs Partnership Status

Conflicting Reports on Apple-Goldman Sachs Partnership Status

There are conflicting reports regarding the status of the partnership between Apple and Goldman Sachs, which covers the Apple Card credit card and savings account. While The Wall Street Journal (WSJ) claimed that Apple had “pulled the plug” on the partnership, Apple provided a statement disputing this, asserting that both companies are still focused on providing an “incredible experience” for customers.

According to the WSJ, unnamed sources claim that Apple has sent a proposal to Goldman Sachs to exit their partnership in 12 to 15 months. However, no formal exit announcement has been made as of now. Previous reports have indicated challenges in the partnership, including issues related to revenue generation and public relations incidents.

One notable concern was the criticism Apple Card faced after a viral tweet suggested that some women with good credit were receiving less favorable terms than their husbands. While regulators found no wrongdoing, the incident had a negative impact on Apple’s reputation.

The WSJ report also mentioned other challenges, such as the billing cycle, which causes customer service difficulties, and Apple’s insistence on approving most applicants.

In response to these reports, Apple’s statement neither confirms nor denies the claim, leaving some uncertainty about the current status of the partnership.

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