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September 16, 2020

Apple terminates credit card partnership with Barclays

US technology major Apple has ended its long-standing credit card partnership with London banking major Barclays, Bloomberg reported.

The decision is in line with Apple’s aim to focus on product-financing plans for its own Apple Card.

As a result of this move, customers will now not be able to apply for the credit card in-stores or on the company website, the news agency added, citing a memo.

Apple, however, told its employees that the existing cardholders can continue using the credit card.

The move comes ahead of the new and upcoming Apple devices.

The California-based consumer electronics company is planning to roll out two new Apple Watch models and a new iPad Air.

Barclays and Apple’s partnership revolved around a Barclaycard Financing Visa deal.

The deal allowed customers to buy Apple products at no-interest instalment for a certain period of time, based on how much they spent.

By ending the partnership with Barclays, Apple intends to divert its users to the monthly instalments plan it recently launched on Apple Card.

The plan provides US cardholders with no-interest payments for six, 12, or 14 months, depending on the Apple device purchased.

The Apple Card has been launched in the US in partnership with the American banking group Goldman Sachs.

Last year in August, Barclays and Apple terminated their rewards programme, the Bloomberg report added.

This programme allowed users to earn three points as well as gift-card bonuses, for every $1 spent on Apple purchases.

Recently, Barclays, Emirates launched a co-branded credit card in the US.

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