From CNBC: 2024-09-17 15:05:06

Apple is in talks with JPMorgan Chase to transfer their credit card program from Goldman Sachs. Key details like price and features are still being negotiated, but JPMorgan is the top credit card issuer in the U.S. seeking to pay less for the $17 billion loans on the Apple Card due to high losses.

The move highlights limited options for Apple after Goldman Sachs shifted its retail banking strategy. JPMorgan, the biggest credit card issuer in the U.S., is looking to acquire the Apple Card program at a discounted rate due to increased losses. The discussions also include potential changes to key features like calendar-based billing.

Apple CEO Tim Cook introduced the Apple Card at a launch event, sparking discussions with JPMorgan to take over the credit card business from Goldman Sachs. The talks are still in early stages, with details like pricing and features yet to be finalized, as concerns over credit quality loom amidst a potential economic slowdown.

Read more: JPMorgan Chase in talks with Apple to take card from Goldman Sachs