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A lot has changed since the launch of Apple Card—not just for users, but also behind the scenes. Apple and Goldman Sachs worked closely together for several years. But that will soon be history. A new report suggests that Apple is about to replace its current banking partner. JPMorgan Chase is now in talks.
According to the Wall Street Journal, Apple is close to an agreement with JPMorgan Chase to acquire the Apple Card business. The partnership was previously held by Goldman Sachs. However, Goldman Sachs is increasingly dissatisfied with the economic situation and wants to significantly scale back its consumer finance business. The potential collaboration with Chase is therefore not surprising—but it does raise questions.
Goldman Sachs wants out – Apple is looking for a replacement
The Apple Card was originally conceived as a modern credit card offering without traditional fees. It offered no annual fee, up to three percent cashback, and interest-free financing on Apple products. The card is linked directly to the iPhone, and managed via the Wallet app. For Goldman Sachs, it marked Goldman Sachs' entry into the retail banking market – with mixed results. The partnership caused the company mounting losses. Goldman Sachs is now under internal and external pressure to withdraw from the retail banking business. CEO David Solomon has already hinted that the contract with Apple could be terminated early – even though it officially runs until 2030.
Chase as a new partner in the starting blocks
The report names JPMorgan Chase as the current favorite for the successor. Talks between Apple and Chase reportedly began in early 2024, but have accelerated significantly in recent months. Apple has reportedly signaled to Chase that it would like to replace Goldman Sachs. No agreement has been signed yet. And it won't be easy: The Apple Card isn't just a credit card. It also includes a high-interest savings account, the so-called Apple Card Savings Account. This account is available only to cardholders and is currently also managed by Goldman Sachs.
Challenges with savings accounts
The savings account is a central element of the Apple Card, offering users the opportunity to automatically earn interest on their Daily Cash rewards. The interest rate is significantly above the market average. JPMorgan Chase doesn't currently offer a comparable product, which could complicate contract negotiations. It's unclear whether Chase would be willing to take over this part of the Apple Card. It's also conceivable that Apple will keep the savings account with Goldman Sachs while the credit card itself moves to Chase. A final decision on this has not yet been made.
Financial viability of the Apple Card model
Another point raised in the report is that the current terms and conditions of the Apple Card could be economically unattractive for potential partners. No fees, high cashback rates, 0 percent financing – all of these are elements that are attractive to customers but difficult for banks to calculate. The Wall Street Journal reports that Apple may need to rethink key components of its offering to retain a new partner like Chase long-term.
Other potential partners under discussion
In addition to Chase, Apple has apparently also been in talks with other providers. Synchrony, American Express, and Capital One have been mentioned. However, these discussions have not been further elaborated. Currently, Chase appears to be the most promising candidate—both due to its size and its experience in the credit card business.
Apple Card in transition: Decision pending
The future of the Apple Card currently hangs in the balance. Goldman Sachs wants out, and Apple is looking for a new partner. Chase appears willing, but the deal is complex. The savings account, in particular, poses a challenge. The card model's economic viability may also need to be reassessed. One thing is clear: Apple doesn't want to abandon the Apple Card—in fact, it intends to continue developing it. Whether it will be with Chase or another partner is likely to be decided in the coming months. (Image: Shutterstock / ErickPHOTOPRO)
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