Changes afoot for Apple Card….

After debuting over 6 years ago, Apple Card has caused significant losses for its partner bank, Goldman Sachs. Goldman Sachs is reportedly looking to exit the partnership, with JPMorgan Chase emerging as the top contender to take over. The Apple Card has a high percentage of subprime customers and a delinquency rate higher than the industry average, making it a risky investment for potential new partners. Apple Card Savings Account, also issued by Goldman Sachs, may remain separate from the credit card offering if a new partnership is formed. The future of Apple Card remains uncertain, but changes such as the introduction of late fees and a reduction in benefits are expected if a new partner is found.