JPMorgan in talks to replace Goldman Sachs in Apple Card partnership

Apple Card
JPMorgan Chase is in talks with Apple about taking over company’s Apple Card program from current partner Goldman Sachs.
AnnaMaria Andriotis and Alexander Saeedy for The Wall Street Journal:
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Discussions started earlier this year and have advanced in recent weeks, but a deal could still be months away, according to people familiar with the matter. It isn’t guaranteed a deal will come together, because crucial details, including the price, are still to be negotiated.
Apple and Goldman Sachs, the current issuer of the card, decided to part ways last year on their partnership, which includes credit cards and savings accounts.
A deal between JPMorgan and Apple would further tie together America’s biggest bank and one of the largest technology companies in the world. JPMorgan already offers Chase customers deals on Apple products and pays the company whenever one of its millions of card customers uses Apple Pay. Landing the deal would expand Chase’s card business — already the biggest in the country — while bringing along a loyal base of Apple customers to whom it can pitch more financial products. Apple, meanwhile, needs to find a new home for its credit card, which has over 12 million users, after Goldman decided to abandon its push into consumer finance.

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MacDailyNews Take: Apple Card customers are a coveted demographic, so you can bet that Apple is driving a hard bargain with potential suitors.

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