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Foreword: The ideal is rich and full, but reality is lean and bony.
Do you remember the hype when Apple Card launched back in 2019? That dazzling titanium card face, its minimalist "non-bank issued" design, and seamless integration with the iPhone Wallet app made it the holy grail of credit cards.Everyone thought Apple was about to revolutionize finance once again. But as the saying goes: "The ideal is rich, but reality is lean."According to the latest tracking report from 9to5Mac, this six-year "powerhouse alliance" appears to have reached its end. What was once envisioned as a formidable partnership has now turned into a nightmare scenario where Goldman Sachs is desperate to "declutter." Today, we'll dissect what exactly went wrong in this cross-industry drama between tech and finance.
1. Goldman Sachs' "Hard Lesson": The Wall Street Giant That Hit a Brick Wall
Goldman Sachs has always been a formidable force on Wall Street, but in the realm of retail financial services, it has clearly hit a brick wall. In its initial push to break into the consumer finance market, Goldman Sachs practically catered to Apple's every whim, agreeing to numerous terms that were extremely disadvantageous to the bank.
- Losses Mounting: Goldman Sachs is rumored to have lost billions of dollars on Apple Card and related operations. In the performance-driven banking industry, this amounts to nothing short of bleeding money.
- The culture of demanding customers and lax approval standards: To expand its user base, Apple lowered its credit requirements, resulting in many users with poor credit scores obtaining cards. The consequence was a surge in default rates, leaving Goldman Sachs as the "unwitting victim."
- Regulatory Pressure: The U.S. Consumer Financial Protection Bureau (CFPB) has also turned its attention to this partnership, investigating its efficiency in handling customer complaints and refunds. For Goldman Sachs, this is undoubtedly adding insult to injury.
【Tech Commentary】: The core of the financial industry is "risk management," while the core of the tech industry is "user experience." When Apple insists on extreme simplicity and charges no transaction fees, banks' profit margins are squeezed to the limit. This lesson shows us that cross-industry collaborations, if profit sharing isn't handled properly, will ultimately result in "mutually destructive outcomes."
2. Who will be the next fall guy? JPMorgan remains an unknown quantity.
Now that Goldman Sachs has made up its mind to leave, the burning question on everyone's mind is: Who will step in to take on this hot potato? The current frontrunner is JPMorgan Chase.
- Negotiations at an impasse: Despite JPMorgan Chase's formidable financial resources, they are no pushovers. Reports indicate they want Apple to amend contract terms—such as sharing bad debt costs or eliminating certain fee-waiver provisions.
- Transitioning Infrastructure: Migrating a banking system is like "altering clothes while wearing them"—an extremely challenging endeavor. Replacing backend services without disrupting millions of existing users is undoubtedly a mind-bending undertaking.
【Tech Commentary】: For Apple, finding new partners isn't just about maintaining services—it's about saving face. If no one steps in, Apple Card risks being stillborn or facing a drastic downgrade. The current situation resembles a game of musical chairs: as the music stops, who will be left standing?
3. Impact on Apple fans: Is it just window dressing?
For Taiwanese users already using Apple Card (though currently only available in the U.S., many Apple fans have been eagerly awaiting it) or long-time customers in the U.S., the greatest concern is undoubtedly the potential loss of benefits.
- Has the cashback program (Daily Cash) been scaled back? The current 3% cashback is a major draw. If the new bank cuts the cashback to stem losses, users might be in for a rude awakening.
- Interest Rate and Credit Limit Adjustments: With a change in ownership, the review process will inevitably become stricter. The high credit limits that were once easily obtained may no longer be attainable in the future.
- Integrated Experience: As long as Apple retains control over the Wallet app, the interface is unlikely to undergo significant changes—it will likely be more of the same.
【Tech Commentary】: Apple has always been renowned for its "hardware-software integration," and Apple Card is a crucial component of its service revenue. Even with a new banking partner, Apple will undoubtedly spare no effort to maintain that signature "butter-smooth" front-end experience. However, for long-term financial stability, Apple may need to tone down its "bossy CEO" tendencies this time around and give its banking partners some breathing room.
Conclusion: 2026 will be a pivotal year.
The recent turbulence surrounding Apple Card is, in essence, a microcosm of tech giants venturing into traditional industries. You may aspire to be the leader, but the established rules of the game in traditional sectors—such as regulations, risk management, and interest rate spreads—cannot be overcome by "elegant design" alone.By 2026, we'll likely see the Apple Card officially change hands. Will this mark a natural transition of the old making way for the new, or become a minor blemish in Apple's service history? Only time will tell. Regardless, consumers can only hope it doesn't end up being a case of "when giants clash, the little guys suffer!"If you're an Apple Card user, are you concerned about the impact of switching banks? Feel free to share your thoughts in the comments below!“
