Apple Card: Rumors about new banking partner
Apple has long been looking for an alternative to Goldman Sachs to continue the Apple Card. Now another major bank appears to be interested.
Use of an Apple Card in retail: So far, the credit card is only available in the USA.
(Image: Apple)
Apple's in-house credit card Apple Card needs a new banker for the foreseeable future: current partner Goldman Sachs has wanted out of the contract since 2023. Now there are renewed rumors about who among the major US financial institutions could take over the job. However, it is unclear whether the deal will be finalized in the foreseeable future.
Goldman only wants to leave
As the Wall Street Journal reports, the possible Goldman Sachs successor is the major American bank JPMorgan and its subsidiary Chase. Similar rumors had already been circulating last year. According to the new report, Apple has been in discussions with JPMorgan for several months and talks have "progressed" in recent weeks. However, a contract is not expected to be signed before the coming months. "Key details, including the price, have yet to be negotiated."
Goldman Sachs had decided that the contract with Apple was not (or no longer) worthwhile – The private client division of the bank, which is primarily known for its investment activities and which includes the Apple Card, was making heavy losses. JPMorgan now seems to think that things will be different with its own deal with Apple. The Wall Street Journal also writes that Apple has in the meantime spoken to the well-known US credit card issuers Capital One and Synchrony. Goldman Sachs itself apparently tried to sell the business to American Express, but failed.
Apple Card so far far from any internationalization
The Apple Card is a success on the US market and has also been able to collect massive amounts of money for a linked savings account offer. However, there has been no sign of internationalization of the offer for five years – not even English-speaking countries such as Canada or the UK are covered.
JPMorgan has also been known and active internationally for many years. There is also a "Private Bank" in Frankfurt, but this is only aimed at certain customer groups. It is therefore uncertain whether JPMorgan as a banking partner will lead to rapid internationalization. However, JPMorgan is currently working on introducing the Chase brand as an online bank in Germany. This would probably be the best place for the Apple Card. Chase is already the largest US credit card issuer, and the Apple Card is said to have 12 million customers.
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