Apple Inc. (AAPL, Financial) is reportedly in discussions with Barclays to replace Goldman Sachs as its credit card partner. Synchrony Financial is also involved in talks with Apple regarding potential collaboration.
Goldman Sachs partnered with Apple in 2019 to launch a credit card. However, Goldman Sachs believes the terms are too risky and challenging to generate profits. Despite the partnership agreement being valid until 2030, Goldman Sachs hinted that the partnership might conclude earlier than planned.
Apple's negotiations with Barclays have been ongoing for several months. Despite progress, it may still take several more months to finalize an agreement.