Apple and Goldman Sachs Fined Millions For Misleading Apple Card Holders

Goldman Sachs and Apple will pay $89 million in penalties and customer refunds over widespread service failures and deceptive practices in their joint Apple Card venture, U.S. consumer watchdog CFPB said on Wednesday.

The agency found Goldman mishandled credit card disputes while Apple failed to forward thousands of customer complaints. Both companies deceived users about interest-free payment plans for Apple devices, affecting hundreds of thousands of cardholders since the card's 2019 launch. Goldman must pay $64.8 million in fines and refunds, while Apple faces a $25 million penalty. The bank is now barred from issuing new credit cards without regulatory approval.