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Apple and Goldman Sachs are set to end their Apple Card credit card partnership agreement in the next 12 to 15 months, and JPMorgan Chase Bank could be the ideal partner to take over Goldman Sachs' role, according to Bloomberg's Mark Gurman.
Gurman said JPMorgan Chase & Co. has worked with Apple on a number of financial projects, which is why JPMorgan "makes more sense than other Apple Card partners that have been proposed," such as American Express.
JPMorgan was an early partner of Apple Pay and one of the banks holding Apple's $60 billion in cash, and partnered with Apple on an Ultimate Rewards program to offer discounts on Apple products to JPMorgan customers. Currently, Apple Card uses the MasterCard platform, which is also used by JPMorgan Chase, so Apple doesn't need to switch to Visa or American Express.
When Apple initially looked for a partner for Apple Card, JPMorgan Chase, American Express and Citigroup all rejected Apple's request for a partnership because it was unclear at the time whether the partnership would be successful, but now that Apple Card has millions of users, banks that were not interested before may reconsider.
If Apple ends up working with JPMorgan Chase, Gurman points out, Apple's savings account is 4The high annual interest rate of 15% may be eliminated or reduced, and JPMorgan Chase will not offer such a high interest yield as Goldman Sachs.
For months, there have been rumors that Goldman Sachs Group Inc. wants to exit consumer banking and thus end its partnership with Apple. Wall Street** confirmed last week that Apple will allow Goldman Sachs Group Inc. to withdraw from the cooperation agreement, and Apple plans to stop working with Goldman Sachs Group Inc. in the next 12 to 15 months.
Wall Street** hinted that Apple may also partner with other credit finance companies to offer Apple Card, after rumors that Goldman Sachs Group had asked American Express to take over the cooperation.
It's unclear if Apple has been in talks with another bank, but it's certain that Apple Card's services will continue to work as normal as Apple looks for a new partner, and Apple promises to continue to provide the "best service and experience" to Apple Card customers.
Considering that Apple Card does not currently support domestic processing, it seems that it doesn't matter who we cooperate with.
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