Apple, Goldman Sachs to Pay Nearly $90 Million Over Apple Card Service Issues

Launched in 2019, Apple Card was a joint venture between the two companies, with 12 million users by 2024.

Apple CEO Tim Cook introduces Apple Card during a launch event at Apple headquarters in Cupertino, Calif., on March 25, 2019. Noah Berger/AFP/Getty Images

Apple and Goldman Sachs have been accused by the Consumer Financial Protection Bureau (CFPB) of payment issues and transactional faults, as the agency levied hefty fines against the two for their alleged mishandling of the Apple Card credit service.

The CFPB took action against the corporations “for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users,” the agency said in an Oct. 23 statement.