Apple Inc. (AAPL, Financial) is reportedly in discussions with Barclays to replace Goldman Sachs (GS) as its credit card partner. Additionally, Apple is also engaging in talks with Synchrony Financial (SYF) for a potential collaboration. In 2019, Apple partnered with Goldman Sachs to launch a credit card. However, Goldman has found the terms too risky and not sufficiently profitable. Although their agreement is set to last until 2030, Goldman indicated this week that the partnership might end sooner than expected.
The negotiations between Apple and Barclays have been ongoing for several months, and it may still take additional months to finalize an agreement. This strategic move highlights Apple's efforts to secure more favorable terms and possibly enhance profitability from its credit card initiatives.
