Apple Card is the exclusive credit card service from Apple, available only in the United States. Reports from 2 years ago indicated that Goldman Sach, their banking partner, wants to cancel the agreement as part of their strategy to exit the personal credit business. There have been interested parties looking to take over the segment, but no conclusions have been reached yet.
The Wall Street Journal has the latest information from relevant sources, stating that aside from evaluating new credit caretakers, Apple is now considering a $100 million offer from Visa. This offer would require Apple to switch their payment network to Visa from Mastercard. Following this, Apple will need to find another bank to support the new network.
In addition to these options, there have been previous reports that American Express, or AMEX, is another bank and network provider that has been in negotiations to service the Apple Card as well.
Source: The Wall Street Journal
TLDR: Apple Card faces potential changes as Goldman Sach aims to exit the personal credit business, with Visa offering a $100 million deal to switch payment networks from Mastercard, while American Express also in talks to provide services.
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