Apple Talking With JPMorgan Chase About Potential Apple Card Partnership

[MacRumors]

Amid long-running reports that Apple and Goldman Sachs are working toward ending their Apple Card partnership, JPMorgan Chase is now in talks with Apple about taking over the credit card program, reports The Wall Street Journal.

A deal could still be months away, according to the report, but talks have accelerated in recent weeks as the two sides negotiate details of a potential agreement.

Chase is looking for certain concessions in order for a deal to be reached, including paying less than the $17 billion face value of outstanding balances of Apple Card holders and doing away with the synchronized Apple Card billing cycles that match the calendar months but have created customer service issues.

Apple has also spoken with Synchrony Financial and Capital One about the Apple Card program, while Goldman Sachs spoke with American Express last year as the two current partners on Apple Card have been exploring how to end their partnership, but it appears Chase is the current leader.

Article Link: Apple Talking With JPMorgan Chase About Potential Apple Card Partnership

 

[sniffies]

Better than Synchrony IMHO.

But American Express would’ve been better.

 

[Apple Mac Daz]

Bring it outside of US then

 

[WarmWinterHat]

Better than Synchrony IMHO.

But American Express would’ve been better.

I agree, but I don't think AMEX wanted anything to do with it.

 

[TheColtr]

Would prefer Amex, but Chase would be fine.

 

[jetjaguar]

Wish it would switch to visa

 

[jz0309]

Don’t like Chase but take the any time over Amex

 

[nutmac]

I hope Apple can close the deal to bring some stability to Apple Card service.

The big 5 credit card issuers are American Express, Capital One, Chase, Citi, and Bank of America. Apple probably wants the least disruptive provider, which means continuing with MasterCard and insiders privy to American Express claims it is not interested in partnering with Apple.

Between the remaining 4, Chase is certainly as good as any. I think Apple should separate Apple Card into multiple tiers, one for low FICO, one standard, and a premium one with annual fee and travel benefits.

 

[russell_314]

Would prefer Amex, but Chase would be fine.

If Chase buys it they’ll turn it into another second rate credit card. It won’t have the features that distinguish it from other cards.

It’s not great for cash back or benefits. It’s only great because of the billing cycle and payment system

 

[jz0309]

Wish it would switch to visa

Agree, then I could use it at Costco

 

[nutmac]

If Chase buys it they’ll turn it into another second rate credit card. It won’t have the features that distinguish it from other cards.

It’s not great for cash back or benefits. It’s only great because of the billing cycle and payment system

Chase is no American Express, but Chase has a number of cards with good perks, such as Sapphire.

 

[swiftapplefan]

Bring it here in Europe too, JP Morgan operates here too.

 

[omenatarhuri]

I hope they'll bring it more countries, I liked Apple Card when I had the opportunity of using one.

 

[xraydoc]

What customer service issues with calendar month billing?

 

[GMShadow]

Bring it outside of US then

I would expect it to *maybe* reach Canada, but the EU will almost certainly never get it.

 

[neliason]

Chase is looking for certain concessions in order for a deal to be reached, including paying less than the $17 billion face value of outstanding balances of Apple Card holders and doing away with the synchronized Apple Card billing cycles that match the calendar months but have created customer service issues.

What customer service issues are caused by matching calendar months? I like that.

 

[iObama]

Apple Card has helped me start saving for the first time in my life. Moved everything over to it rather than my debit as well for that daily cash back, which I send right to savings to accrue interest. Don't really care about the billing date, but hope they keep the rest

 

[btrach144]

Amex is the only logical partner for Apple. Their customer service is top notch.

 

[brett_x]

I just want them to be able to whitelist my ISP so I can use autopay with them. They keep denying the payment because it's suspicious, and I have to manually pay it (I know, a true first world problem). GS said they can't do anything about it.

 

[jarman92]

What customer service issues are caused by matching calendar months? I like that.

The issue is that you like it 😂 it's too simple and doesn't cause confusion, so Goldman Sachs isn't able to charge as many late fees.

 

[Bigkool2inSC]

I would also like to see some increases of perks too.

maybe
2% for using physical card.
3% for using Apple Pay
5% for companies Apple likes to give deal for like Panera, Nike, Exxon, ACE, Etc. all the time.
6% for Apple products

 

[Bigkool2inSC]

What customer service issues with calendar month billing?

My guess is call volume increase to support during the beginning of the month.
Having the billing cycle spread out throughout the month helps customer support.

 

[WarmWinterHat]

If Chase buys it they’ll turn it into another second rate credit card. It won’t have the features that distinguish it from other cards.

It’s not great for cash back or benefits. It’s only great because of the billing cycle and payment system

I have an Apple Card but rarely use it, mostly because of the lack of benefits and protections, but what is so great about the billing cycle and payments? I don't see much difference, and as long as you have your bill paid, you can request any due date you want with other credit cards.

It seems like an okay starter credit card.

 

[AnamanFan]

What customer service issues with calendar month billing?

The frequency of when a customer contacts customer service, for any reason, is around the end of their billing cycle.

For every other financial product, the date is largely when the account was opened. Obviously there's adjustments for the 28th - 31st of the month, but it's spread around the month with only little differences between.

With Apple Card, everyone's billing cycle is the same day. This means there's a huge upswell at the start of the month and a relatively silent for the rest of the month. This imbalance is very hard on the labor involved as it's a huge firehose at once, rather than spreading it around. The quality is also isn't as good as the rush to close the tickets weighs heavy on everyone.

As an Apple Card customer, I am very willing to adjust my billing cycle date as I value better working conditions for all.

 

[russell_314]

Chase is no American Express, but Chase has a number of cards with good perks, such as Sapphire.

True, but none of those cards are like Apple Card. I can just make a payment and it instantly goes through. I always know when my payment is due because they made it on the day that makes the most sense. I don’t have to do math deducting available credit from my credit limit to figure out the balance because even pending transactions are included in the current balance. A very big one is there are no fees… zero none. You don’t have to figure out what to buy with it so you can maximize cashback because it’s basically 2% with a few exceptions.

It’s the perfect card for someone that doesn’t want to have to spend a lot of time managing a card. If you’re willing to put more effort into managing a credit card there are many cards that offer better rewards.

Basically, the Apple Card rewards aren’t as good as something like the Chase Sapphire card but it’s more customer friendly and easier to use