Apple ends credit-card partnership with Barclays in an effort to grow Apple Card customers

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Image Source: Apple Inc.

Apple, Inc. (NASDAQ: AAPL) on Tuesday ended its credit-card partnership with Barclays, Plc. (NYSE: BCS). 

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The move was part of the tech giant’s strategy to consolidate its financial offerings under the Apple Card, according to Bloomberg based on information from a memo sent to Apple employees. 

Apple began to wind-down the relationship last year when it ended the Barclaycard Apple Rewards, which allowed cardholders to accumulate points with Apple purchases. The Barclaycard also allowed Apple Card users to purchase Apple products on an installment plan. 

Existing Barclaycard holders can still use their cards like a normal credit card. But financing options, through Barclays, on Apple goods, have been halted. 

2020 Apple Watch and iPad new products announced

Last week, Apple announced its new Apple Watch and iPad products. With the final exit of Barclaycard, the Apple Card is the only card that offers an interest-free installment option for consumers. 

As of September, Apple users no longer have the option to apply for the Barclays credit card in retail stores or through the company’s website. It was the day when the tech giant revealed its next-generation Apple Watch models, iPad Air, and other updates.