JPMorgan Nears Deal to Take Over Apple Card Program [Report]

Apple is in advanced talks with JPMorgan Chase to take over its credit card program from Goldman Sachs, according to a new report from the Wall Street Journal. Sources familiar with the matter say discussions have accelerated in recent months, with Apple informing JPMorgan that it is the preferred choice to become its new card partner.

The potential agreement would cover Apple's entire consumer partnership with Goldman, including the Apple Card launched in 2019 and the high-yield Savings account introduced last year. While the deal is reportedly not yet finalized and could still unravel, it would represent one of the largest credit card partnerships ever, bringing two of the most influential U.S. companies closer together.

The move follows Apple's decision to end its partnership with Goldman Sachs, a proposal the tech giant sent late last year. Goldman's CEO David Solomon recently hinted at an early exit from the deal, and Apple has reportedly been in talks with other potential issuers, including Barclays and Synchrony.


According to the report, an agreement would further solidify JPMorgan's position as the largest credit card issuer in the U.S. It would also give the bank access to a loyal base of Apple customers to whom it could market other financial products, while providing Apple a stable partner to help sell and finance more of its devices.

Please download the iClarified app or follow iClarified on Twitter, Facebook, YouTube, and RSS for more updates on this story.