Chase Reportedly in Advanced Talks to Become New Apple Card Partner

[MacRumors]

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.

Article Link: Chase Reportedly in Advanced Talks to Become New Apple Card Partner

 

[sniffies]

AMEX was my first pick. Chase second. Synchrony 100th.

 

[NMBob]

Maybe it will be so fantastically successful that my Amazon card will turn into an Apple card.

 

[dynamojoe]

I’m already a Chase customer and for the most part I’m satisfied. I’m sure the savings interest rate is going to be the first victim though.

 

[fatTribble]

I’ve had good experiences with Chase. I’d be happy if they also take over the financing for the iPhone Upgrade Program.

 

[chetzar]

My Customer experience with Chase has been superior to Goldman Sachs. Nobody and Goldman seems to know how the Apple Card works and refers you back to Apple….who then refers you back to Goldman Sachs.

 

[orbital~debris]

Oh good 😃 Chase are in the UK, so hopefully that will smooth things over for a UK launch.

(Would have loved American Express though – they seem to have a similar ethos to customer service as Apple).

 

[alexandr]

AMEX was my first pick. Chase second. Synchrony 100th.

With all due respect, AMEX is not accepted well overseas. This would make the  card not great for traveling.

 

[mgz]

Left chase as a bank due to poor customer service but still anchored there with some credit cards I don’t want to close (Amazon prime for one).

Only upside is it seems likely they’d issue the card as a Visa, which would enable using Apple Card at Costco finally

 

[WarmWinterHat]

With all due respect, AMEX is not accepted well overseas. This would make the  card not great for traveling.

That is unfortunately true. On my last overseas trip (last year), almost no one took AMEX.

AMEX is my preferred card to use here, however, even here, there are a couple local restaurants that I frequent that don't take it.

 

[dontwalkhand]

Will this mean Chase’s other products will gain deeper integration with Apple Wallet? Like being able to see debit card balances and physical card purchases on the wallet app? This would be a good catalyst to that.

 

[msackey]

My top important features for my Apple Card are:
- must be Visa or Mastercard (for easy international access)
- no foreign transaction fee

I would prefer it to be MasterCard simply because I already have 2 other Visas that have no foreign transaction fees.

 

[Heelpir8]

I’ve had good experiences with Chase.

Same. Glad it's not Citi taking over the card.

 

[switz]

Remember the phrase "Too Big to Fail" and "Corporate Greed"? This bank resembles those comments.

If this comes to pass, I plan to keep very little cash in the Apple account(s).

 

[djinn]

With all due respect, AMEX is not accepted well overseas. This would make the  card not great for traveling.

AMEX would try to turn it into an Apple Coupon book.

 

[alexandr]

That is unfortunately true. On my last overseas trip (last year), almost no one took AMEX.

AMEX is my preferred card to use here, however. Even then, there are a couple local restaurants that I frequent that don't take them.

Yup, my wife has a travel business and uses her AMEX for all travel-related purchases. I finally talked her into getting the  card for her travels — Europe is an AMEX no-no.

 

[alexandr]

AMEX would try to turn it into an Apple Coupon book.

I wouldn't even mind an  cook book, as long as it's well accepted overseas.

 

[WarmWinterHat]

I’ve had good experiences with Chase. I’d be happy if they also take over the financing for the iPhone Upgrade Program.

I've had pretty good luck with them too, though I've only been with them since December. I used a very local bank for years and years, but they just haven't been able to get their services working, so I left, and went to Chase.

Their Prime card has been nice.

 

[MallardDuck]

Maybe then it'll support Quicken/Banktivity integration. Until it does, it's a non-starter for me.

 

[mikebenton]

I wouldn't mind seeing Chase take it over, but would expect them to raise the interest rates. Hopefully folks are paying it off each month, but for those that don't....you'll pay more.

 

[jz0309]

Definitely better than Amex cause Amex acceptance is lower than MC/Visa not only ov/reseals but also in the US. Lots of mom/pop shops don’t accept it.

 

[bradman83]

Given how unprofitable this has been for Goldman Sachs I'm curious what changes they'll make to the program when it changes hands. Chase would not go into this willingly unless they thought they could make money where Goldman could not.

 

[alchemistmuffin]

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.

YES, THERE WILL BE ONE HUGE CHANGE:

Apple Card will now subject to Chase’s infamous 5/24 rule. (If you don’t know, Google it). Apple may not want this implemented but this will likely be a sticking point for Chase and Apple will be forced to adopt it.

 

[BigMcGuire]

I've been happy with my Chase accounts. Curious how Chase plans on making this profitable if Goldman couldn't?

 

[kcwookie]

Anyone but Chase