{"id":57017,"date":"2025-07-29T17:44:50","date_gmt":"2025-07-29T15:44:50","guid":{"rendered":"https:\/\/www.apfelpatient.de\/?p=57017"},"modified":"2025-07-29T17:44:52","modified_gmt":"2025-07-29T15:44:52","slug":"apple-card-before-the-change-chase-as-new-partner","status":"publish","type":"post","link":"https:\/\/www.apfelpatient.de\/en\/rumors\/apple-card-vor-dem-wechsel-chase-als-neuer-partner","title":{"rendered":"Apple Card about to change: Chase as a new partner?"},"content":{"rendered":"

A lot has changed since the launch of Apple Card\u2014not 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.<\/strong><\/p>\n\n\n\n

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\u2014but it does raise questions.<\/p>\n\n\n\n

Goldman Sachs wants out \u2013 Apple is looking for a replacement<\/h4>\n\n\n\n

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 \u2013 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 \u2013 even though it officially runs until 2030.<\/p>\n\n\n\n

Chase as a new partner in the starting blocks<\/h4>\n\n\n\n

The report<\/a> 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.<\/p>\n\n\n\n

Challenges with savings accounts<\/h4>\n\n\n\n

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.<\/p>\n\n\n\n

Financial viability of the Apple Card model<\/h4>\n\n\n\n

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 \u2013 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.<\/p>\n\n\n\n

Other potential partners under discussion<\/h4>\n\n\n\n

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\u2014both due to its size and its experience in the credit card business.<\/p>\n\n\n\n