Based on the latest reporting, Apple and Goldman Sachs are planning to part ways sometime next year, ending their partnership that currently consists of Apple Card and Apple Card Savings Account. American Express has been rumored to be one of the companies potentially interested in taking over Apple Card.

In a recent interview, Amex CEO Steve Squeri offered some details on what the company looks for in these types of partnerships.

Apple Card + Amex rumors

As reported by Payments Dive, Squeri made an appearance at the Goldman Sachs U.S. Financial Services Conference (ironic) this week. During an interview, he was asked about “several articles that cited you as a potential candidate to take over a card partnership from another large financial institution.”

That question is obviously in reference to the reports from The Wall Street Journal that Amex has talked with Goldman Sachs about taking over the Apple Card partnership. Still, neither Apple nor Goldman Sachs were mentioned specifically.

In his response, Squeri specifically referenced Amex’s “premium card base” as being one of the “biggest impediments” to the company collaborating with others on co-branded credit cards. He did note, however, that Amex has multiple co-branded partnerships in place with companies like Delta, Hilton, and Marriott. “There are others that we’ve walked away from, or not engaged with, because of the breadth of their customer base,” Squeri said.

“When we look at co-brand partnerships – and we have over 50 co-brand partnerships – you’re really looking for one plus one equals three.

Because that’s what you want a co-brand partnership for, is the distribution, as well. And does it add value to both brands? And do you create premium economics? So, as we evaluate partnerships, that’s the lens that we use.”

9to5Mac’s Take

I’ve seen some people interpret Squeri’s as if this is him completely shooting down the idea of Apple and Amex teaming up. I don’t think that’s necessarily the case at all. While the Apple Card isn’t a “premium” credit card on its own, the Apple brand is very much associated with being “premium.”

The Wall Street Journal has also reported that Synchrony Financial is a potential partner to replace Goldman Sachs. Synchrony powers a number of different consumer credit cards, including offerings from Amazon and PayPal.

In my eyes, American Express is a far better fit for Apple Card than Synchrony. The ultimate outcome here remains to be seen.

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