Apple Card Could Find New Home With Barclays or Synchrony. What Cardholders Should Know

It looks like the Apple Card may have suitors lining up amid its public breakup with Goldman Sachs.

Apple is in talks with Barclays and Synchrony Financial to replace Goldman Sachs as its card issuer, according to a Reuters report. This follows whispers last year that Chase was in talks with Apple, too.

Apple’s broad name recognition and reputation may be enticing to card issuers hoping to grow their consumer base amid growing competition from Buy Now Pay Later apps.

Though the contract with Apple lasts until 2030, it’s possible the relationship could end sooner, Goldman CEO David Solomon said during his company’s earnings call earlier this week.

It’s important to note that nothing is finalized yet. If Apple does get a new issuer, though, it could mean big changes for current cardholders.

Although it’s regularly rated No. 1 for customer satisfaction, according to J.D. Power surveys, the card actually lacks a lot of features other top credit cards offer — including a competitive welcome offer, useful additional card perks, and protections. What it does offer is the brand name, a sleek user experience and 3% cash back on everything Apple, according to our CNET credit card experts.

The continued relationship between Apple and Goldman Sachs has been in question as of late. Goldman Sachs pulled back from consumer lending over the past few years amid financial losses and increased federal scrutiny. Last year, the US Consumer Financial Protection Bureau fined Apple and Goldman Sachs $89 million for negligence and mismanagement.

If the Apple Card does get a new issuer, it could also mean big changes for the Apple Card Savings account. The high-yield savings account currently offers a 3.90% APY and is available only to Apple Cardholders.

Neither Apple, Goldman Sachs nor Chase immediately responded to requests for comment. Synchrony and Barclays declined to comment.

If you currently have the Apple Card and are looking for better rewards, you can wait to see how the bank-issuer dance plays out, or you could consider applying for a different credit card that offers better rewards and benefits.