Over $89 million in damages has been ordered for Apple and Goldman Sachs due to Apple card failures.

• On Wednesday, the Consumer Financial Protection Bureau announced that Apple and Goldman Sachs were fined over $89 million for improperly handling consumer complaints related to Apple Card transactions.
• Goldman Sachs is prohibited from introducing new credit cards unless it can present a satisfactory plan to adhere to the law.
• Apple and Goldman Sachs are facing fines due to accusations that they deceived customers about the true cost of interest-free payment plans for Apple devices.

On Wednesday, the Consumer Financial Protection Bureau ordered Apple to pay over $89 million for mishandling consumer disputes related to Apple Card transactions.

According to the CFPB, Goldman Sachs did not meet federal requirements when investigating consumer disputes that were sent to them by Apple.

Goldman Sachs was fined $45 million in civil penalties and $19.8 million in redress, while Apple was fined $25 million. Additionally, the bureau prohibited Goldman Sachs from introducing new credit cards unless it could present a satisfactory plan to adhere to the law.

Rohit Chopra, CFPB director, stated that Apple and Goldman Sachs illegally evaded their legal responsibilities towards Apple Card borrowers. He emphasized that big tech companies and big wall street firms should not act as if they are above federal law.

In 2019, Apple introduced Apple Card, a credit card option that relied on Apple Pay, the company's mobile payment and digital wallet service. Goldman Sachs was chosen as the issuing bank, and the card was marketed as a more straightforward and transparent choice compared to other credit cards.

In December, the companies introduced a new feature that enabled users to purchase certain Apple devices using the card on an interest-free monthly payment plan.

The CFPB discovered that Apple and Goldman Sachs deceived consumers about the interest-free payment plans for Apple devices. Despite believing they would receive automatic interest-free monthly payments when purchasing Apple devices with an Apple Card, customers were still charged interest. Additionally, Goldman Sachs failed to clearly communicate to consumers about the refund process, resulting in some individuals paying extra interest charges.

It also meant some consumers had incorrect credit reports, the agency said.

"Apple Card is a consumer-friendly credit card that has been launched. Nick Carcaterra, vice president of Goldman Sachs corporate communications, stated that they worked hard to address technological and operational challenges that they faced after launch and have already resolved them with impacted customers. He added that they are pleased to have reached a resolution with the CFPB and are proud of the innovative and award-winning product they developed alongside Apple."

Representatives from Apple did not immediately respond to CNBC's request for comment.

— CNBC's Hugh Son contributed to this report.