Apple Card: Has a successor to Goldman Sachs finally been found?
Goldman Sachs has been trying to sell off the Apple Card business for several years now. Once again, there are now new developments.
Apple Card in digital form: Popular in the USA, but only profitable for Apple.
(Image: Apple)
Will Apple's credit card finally be internationalized? The Apple Card, which has only been available in the United States since 2019, has been looking for a new issuing partner for some time, as the current one, US money house Goldman Sachs, wants to get out of the contract as quickly as possible. There has been repeated speculation about which major bank and which card network will be awarded the contract – or whether Apple itself will acquire a license for financial services.
Lucrative Apple customers
According to a new report in the Wall Street Journal, a deal is finally getting closer: JPMorgan Chase, itself the US banking market leader, is apparently the preferred new partner. Negotiations have "accelerated" in recent months. Apple itself has made it clear that it is interested. However, a contract has not yet been signed as there are "a number of challenges" with the Apple Card.
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Should the collaboration begin, it would be "one of the biggest credit card deals ever", writes Bloomberg. At Goldman, the deal currently represents an account value of around 20 billion US dollars. The Apple Card is said to have over 12 million customer relationships. JPMorgan Chase is already the largest credit card issuer in the country. According to the Wall Street Journal, the bank is also interested in Apple customers, who are considered lucrative. Other financial products could also be offered via the new channel , although the question is whether Apple will allow this.
Hope for internationalization
Goldman's attempts to get out of the Apple Card deal have now been going on for at least two years. So far, the card has been a loss-making business for the bank, as Apple has made it very customer-friendly. Unlike normal credit cards, there are no fee traps. Money is earned with the usual high interest rates as long as customers do not simply pay the bill each month. The card is controlled via iPhone, which also gives customers a good overview of their spending.
The takeover of the Apple Card by JPMorgan Chase is also linked to hopes of internationalizing the product. Goldman originally intended to do this via its subsidiary Marcus (or other subsidiaries), but then increasingly withdrew from the international private customer business. Since Apple apparently does not require internationalization in its contracts, the card is still only available in the USA. Possible other candidates for the Apple Card include competing providers such as Capital One, Synchrony and American Express. Mastercard is currently the payment network, but Visa could become a partner in the future if Apple is enticed with bonus payments.
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