Apple Card users may soon see changes as the tech giant plans to sever ties with its banking partner, Goldman Sachs Group. While immediate action is not anticipated, The Wall Street Journal reports that Apple recently proposed a contract termination to Goldman, which could take place within the next 12 to 15 months.

However, such transitions require time, especially when significant brands and substantial financial interests are involved. Matt Schulz, Chief Credit Analyst at LendingTree, emphasizes the lengthy process of these types of changes.

As of now, Apple has not responded to inquiries regarding this matter.

Industry experts predict that Apple will search for a new lender to assume the existing credit-card debt portfolio and continue offering the card with similar terms. Ted Rossman, Senior Industry Analyst at, suggests that Apple will likely aim to maintain its popular 3-2-1 rewards structure with any new issuer. This structure offers cardholders 3% cash back on Apple and select retailer purchases made with Apple Card and Apple Pay, 2% for Apple Card and Apple Pay usage, and 1% for purchases where Apple Pay is not accepted.

Although certain credit-card terms may be subject to change, Rossman assures that customers will receive a minimum of 45 days' notice if adjustments occur. Additionally, customers will remain responsible for their balances even when the issuer changes.

During the transition, cardholders might lose access to previous statements and records. Schulz advises customers to consider creating digital copies of any important statements beforehand.

Consumers need not worry about being caught off guard by these changes, as Schulz believes that any new deals will generate significant attention and discussion among users.

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