Apple likely to find a new Apple Card partner with some fanfare – expert

The physical Apple Card
Changes, with some measure of accompanying fanfare, may be coming for Apple Card users as the company seeks to end its relationship with its banking partner Goldman Sachs Group.
Elizabeth O’Brien for Barron’s:
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Nothing is likely to happen right away, though. The tech company recently proposed to Goldman an exit from the contract in 12 to 15 months, The Wall Street Journal has reported.
“These things take a long time to work through, especially when you have big brands, big companies and a whole lot of money involved,” said Matt Schulz, chief credit analyst with LendingTree.
Apple will likely find a new lender to acquire the portfolio of existing credit-card debt and continue providing the card under similar terms, experts say. In particular, the company will likely seek to retain its popular 3-2-1 rewards structure with any new issuer, said Ted Rossman, senior industry analyst at Bankrate.com.
Cardholders receive 3% cash back on any purchase made at Apple and select retailers using Apple Card with Apple Pay, 2% every time they use Apple Card with Apple Pay, and 1% on purchases where Apple Pay isn’t accepted…
The switch won’t likely sneak up on consumers, Schulz said, because any new deal will probably generate “a decent amount of fanfare.”

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MacDailyNews Take: Save those physical Apple Cards emblazoned with the Goldman Sachs logo on the back as they’ll become collector’s items.
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