J.P. Morgan Chase is reportedly in discussions to take over the issuance of Apple’s credit cards from Goldman Sachs, according to The Wall Street Journal. The negotiations are centered on various details, including the financial terms for assuming the existing balances, although a deal is not yet confirmed.
Goldman Sachs and Apple have been exploring alternatives since they began parting ways last year, engaging with several other banks such as Synchrony Financial, Capital One, and American Express as potential successors.
While a deal with J.P. Morgan is on the table, discussions are ongoing regarding the amount JPMorgan would pay, which is expected to be “less than the full face value” of the estimated $17 billion in outstanding balances. Additionally, JPMorgan aims to implement changes to the credit card program that Goldman previously opposed, including adjustments to billing dates—something Apple has shown flexibility on.
If successful, this partnership would enhance the existing collaboration between Apple and JPMorgan, which already includes discounts on Apple products for Chase customers and payments to Apple whenever a Chase customer uses their card with Apple Pay.
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