Will Amex Partner with Apple Card? CEO Unveils What it Looks for Amid Goldman Sachs Fallout

The partnership of Apple and Goldman Sachs is possibly coming to an end, with the Apple Card set to look for a new partner if the renowned bank agrees with the contract telling them to opt-out. Amidst this, it was recently revealed that American Express' CEO has shared a statement about the qualities and qualifications it looks for a "co-brand partnership" for future ventures.

Back when the news regarding Goldman Sachs wanting to opt out of the Apple deal surfaced, American Express was one of the top companies in mind to fulfill the services they offer.

Will Amex Partner with Apple for the Apple Card? CEO Talks

Payment Dive reported that the recent Goldman Sachs U.S. Financial Services Conference event had American Express CEO Steve Squeri join the event and was interviewed. Here, he was asked about the reports claiming that "another large financial institution" wanted Amex as one of the "potential candidates" to take over a partnership for a card venture.

Here, Squeri talked about some of its existing services, Amex's "premium card base," which prevents them from collaborating with other co-branded credit cards, and this is exactly what the Apple Card is.

The Amex CEO further claimed that when looking for a co-branded partnership, it wants a "one plus one equals three" experience.

Goldman Sachs Reportedly Wanted Amex for Apple Card

This points out to the Wall Street Journal's report about the company's wishes to opt out of the Apple Card deal and partnership it has, centering on the company losing more than what was promised to them. It was also revealed before that Goldman claimed it had already lost $1 billion with the Apple Card deal, and this was since 2020, a year after both companies introduced the service.

Apple Card's Fintech Venture with Goldman Sachs

For many years, Apple offered its renowned financial service in the form of the Apple Card, centering on a credit-based system that has been an exclusive treat for Cupertino devices and its users. It is widely known that Apple Card's services are also exclusive to the United States, with Apple's Tim Cook claiming that there are different banks and regulations in other countries that it has to consider before branching out.

Apart from its credit card services and Apple Pay experiences, there was another product that this fintech feature offered earlier this year, and this is the Apple Card Savings. It began offering the service last April, and it gave users a chance to get higher interest rates that would help boost the money they put into their account, acting like a digital bank but via Apple.

The offers made by Apple through the Apple Card venture would not be possible if not for Goldman Sachs fulfilling the financial aspects of this FinTech venture by the Cupertino company. However, it earlier revealed that it saw significant losses with this venture since 2020 and it also wanted to pass the responsibility to Amex, with its CEO revealing significant developments for a future partnership.