Apple Card Remains Popular Amidst its Rocky Relationship with Goldman Sachs

Isaiah Richard, Tech Times 17 August 2023, 11:08 pm

Apple Card is now a massive service amongst users in its available region, and according to the latest study, this service is now the best in its category. It is important to note that this is amidst the turbulent relationship that Apple has with Goldman Sachs, with the financial institution reportedly looking to leave Cupertino and hand the responsibility to other banks.

The renowned relationship between Apple and Goldman Sachs began in 2019, with the pair surviving the pandemic with its renowned service.

Apple Card is Thriving, Best in its Category says Study

(Photo : Apple)

J.D. Power announced that Apple Card is the winner of its so-called award, being the "Best Co-Branded Credit Card for Customer Satisfaction with No Annual Fee." The announcement claimed that Apple Card ranked a massive 655 score.

As per J.D. Power, "This is the third consecutive year in which Apple Card and issuer Goldman Sachs have collectively won a segment award."

This high ranking in customer satisfaction only shows how both Apple and Goldman Sachs have greatly developed the digital financial service that centers mostly on the iOS ecosystem.

Apple, Goldman Sachs' Rocky Relationship

However, this comes at a time when Apple and Goldman Sachs' relationship is in a rocky state, with the uncertainty being known earlier this year as reports centered on the bank passing its operations off to other companies.

Both Apple and Goldman Sachs spoke highly of their relationship with the other in a recent news release from Cupertino.

"In partnership with Goldman Sachs, we are continuously working to expand the value users receive from Apple Card, most recently with the launch of Savings, and we look forward to continuing to develop tools and services that put our users and their financial health first," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet.

Liz Martin, Goldman Sachs's head of Enterprise Partnerships said "With Apple Card, we have had a shared focus on delivering a great experience and providing value to our customers since the beginning."

Apple Card and What it Offers

First and foremost, the Apple Card is a credit card service that gives users a cap on their spending which would then be paid off later in the month, with Goldman Sachs responsible for this aspect. It has been an iconic service as it allows payments through various Apple devices from compatible payment channels either online or in-store.

Still, it remains a US exclusive, and Tim Cook said this is because of varying regulations per country.

The Apple Card gave users an experience like no other, with all their needs neatly available in the smartphone, from buying or shopping, down to ordering food provided that the channel reads NFC.

Both companies also joined hands with the release of the latest Apple Card Savings which bring a high-yield savings account with massive perks for users.

Now, it is hailed as the best co-branded credit card by J.D. Power, and this is because of both Apple and Goldman Sachs, despite their turbulent relationship and alleged passing off to other financial institutions.