Apple is reportedly ending its credit card partnership with Goldman Sachs Group, according to the Wall Street Journal. The tech giant has proposed exiting the contract in the next 12 to 15 months, covering their entire consumer partnership, including the virtual credit card introduced in 2019 and the savings account launched this year. While Apple stated its focus on delivering an exceptional customer experience, Goldman declined to comment. Apple Card has been well-received by consumers, and the move comes as the company continues to innovate in the financial services space, including the introduction of a "buy now, pay later" service earlier this year.

This decision follows Apple's introduction of a high-yield deposit account in April, offering a higher annual percentage yield than Goldman's online savings account at Marcus. The partnership was initially extended last year through 2029 as part of Goldman's strategy to expand its consumer franchise. As Apple ventures further into financial services, including the BNPL service launched in the U.S., the termination of the Goldman partnership signals a shift in the company's approach to its financial products and offerings.