JPMorgan Chase is in “advanced talks” with Apple about becoming the Apple Card’s new financial partner, according to The Wall Street Journal.
JPMorgan owns Chase Bank, one of the largest banking chains in the United States.
Barclays and Synchrony were also reportedly in the running to become the Apple Card’s new financial partner, but it looks like JPMorgan Chase is currently the frontrunner. The report said JPMorgan Chase’s talks with Apple “accelerated in recent months.”
JPMorgan Chase would be taking over for Goldman Sachs.
In 2023, The Wall Street Journal reported that Goldman Sachs wanted out of its Apple Card partnership, but it has yet to part ways with Apple.
Goldman Sachs is in the process of winding down its consumer lending business, which has lost billions of dollars in recent years. On an earnings call this year, Goldman Sachs CEO David Solomon said the company is contracted to be the Apple Card’s lender until 2030, but he said there is a “possibility” that the partnership will end earlier.
Last year, the U.S. Consumer Financial Protection Bureau fined Apple and Goldman Sachs nearly $90 million combined after finding the companies mishandled transaction disputes and misled iPhone users about interest-free payment options.
If the Apple Card does eventually get a new financial partner, it is unclear if there would be any major changes to the card’s features and policies.
On the payment network side, it has been reported that Visa and American Express have expressed interest in taking over for Mastercard.
Launched in 2019, Apple’s credit card remains available in the U.S. only.Tags: Apple Card, ChaseThis article, “Chase Reportedly in Advanced Talks to Become New Apple Card Partner” first appeared on MacRumors.comDiscuss this article in our forums
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Author: Joe Rossignol