What To Do Now if You Have an Apple Card (Before the Goldman Sachs Break Up)

Apple is ending its partnership with Goldman Sachs and here's what you need to do if you have an Apple card.
Updated July 11, 2024
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Apple has decided to sever ties with Goldman Sachs, ending the credit-card partnership that once promised to be a cornerstone of the Wall Street giant’s expansion into consumer lending. But how will this impact your financial fitness if you currently have an Apple card? 

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While the actual separation may take several months to over a year, there are several proactive steps Apple cardholders can take to prepare for the impending changes and potential impact on their finances.

1. Pay off balances and prepare for a transition

One immediate consideration for Apple cardholders is to pay off any outstanding balances in anticipation of the phased-out partnership or a potential switch to a new banking partner. Clearing balances ensures a smoother transition, and whether Apple's new partner will necessitate reapplication for the card is uncertain. 

If a new application is needed, consumers who have already paid off their balances will be positioned best for a new card, potentially minimizing any financial disruptions and ensuring a more seamless transition to the revamped credit card program.

2. Stay informed and monitor communications

Remaining vigilant and staying well-informed about developments in the transition process is crucial. Apple has yet to disclose details about its new issuer, and cardholders should prepare for potential changes in terms, benefits, and features. 

Regularly checking Apple and Goldman Sachs communications will keep cardholders abreast of any updates or actions they need to take. Proactive monitoring allows cardholders to respond promptly to changes, providing more control and preparedness during this period of uncertainty.

3. Evaluate alternative card options

Given the uncertainty surrounding the Apple card's future features and benefits, cardholders may want to explore alternative top credit card options. Evaluating cards from different issuers can help identify alternatives that better align with individual spending habits, rewards preferences, and financial goals. 

One of the most prominent features recently rolled out on the Apple card was its buy-now-pay-later (BNPL) feature, which will also end. This and its high-yield savings account were two specific offerings that served a targeted audience. For customers looking for the same benefits their Apple card once offered, it's a good time to assess whether another credit card better suits your needs.

4. Assess the impact on your credit score

The impending transition could potentially impact cardholders' credit scores, particularly if required to reapply for the Apple card with a new banking partner. Regularly checking credit reports and scores provides a comprehensive view of financial health and empowers individuals to make well-informed decisions based on their credit standing. Understanding potential credit score implications ensures proactive financial management during this phase of change.

5. Prepare for regulatory changes

Given the regulatory scrutiny facing the Apple-Goldman partnership, cardholders should brace themselves for potential regulatory adjustments in the card's terms and conditions. Proactivity is key, and staying abreast of any regulatory changes will enable cardholders to adapt to alterations that may impact card usage, benefits, or even fees. Being prepared for regulatory shifts ensures that cardholders are not caught off guard and can confidently navigate the evolving landscape.

6. Explore potential new features

As Apple searches for a new partner, cardholders can anticipate exciting possibilities for enhanced features or changes to the Apple card. Remaining informed about any new benefits allows cardholders to maximize their credit card. Exploring potential new features positions cardholders to adapt their usage and leverage the evolving benefits of the card's new financial collaborator, aligning their credit strategy with the changing dynamics of the partnership.

Bottom line

While the termination of the Apple-Goldman Sachs partnership marks a shift, Apple cardholders can proactively prepare for the transition by taking steps to secure their financial well-being. Clearing balances, staying informed, exploring alternatives, and understanding potential impacts on credit scores are crucial to successfully navigating this period of change. Being proactive and informed, Apple cardholders can ensure a seamless transition and make strategic financial decisions aligned with their needs and goals.

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Author Details

Georgina Tzanetos Georgina Tzanetos is a former financial advisor who has been active in financial media for the past six years. She holds a master's in political economy from NYU, where she studied distressed labor markets.