US EditionJPMorgan to Take Over Apple Credit-Card Business, Report Says
JPMorgan Chase will take over about $20 billion in Apple Card balances at a discount and launch new Apple savings accounts, replacing Goldman Sachs.
- The Wall Street Journal reports Apple Inc. will soon tap JPMorgan Chase to replace Goldman Sachs as the Apple Card backer.
- Goldman Sachs has been hunting for a way out of the Apple Card deal for more than a year and is expected to offload roughly $20 billion of outstanding card balances at a more than $1 billion discount, the Wall Street Journal reports.
- JPMorgan will back Apple savings accounts, replacing Goldman Sachs, and consumers with Goldman-backed Apple savings accounts can choose to stay or switch, the Wall Street Journal reports.
- Market norms show co-brand credit-card portfolios usually attract premiums up to 8%, with the strongest programs reaching double digits, unlike this sale, The Wall Street Journal reports.
- The Wall Street Journal reports Apple has found a replacement partner for Goldman Sachs, and JPMorgan Chase plans to launch a new Apple savings account, extending its role beyond card issuance.
59 Articles
59 Articles
Winnipeg Free Press
Apple Card switches hands but no immediate changes for users
Breaking News, Sports, Manitoba, Canada
JPMorgan Chase will be the new publisher of the Apple credit card , replacing Goldman Sachs. The agreement is intended to transfer more than $20 billion (about €17 billion) of credit to Chase's platform, as the companies announced on Wednesday. Goldman and Apple had announced in 2023 that they would terminate their partnership. The Apple credit card , introduced in 2019, offered advantages such as fee-free and cashback. However, the bank's diffi…
Jamie Dimon's Grip On US Credit Card Dominance Grows As JPMorgan Wins Apple Card Business From Goldman Sachs - JPMorgan Chase (NYSE:JPM)
Apple has selected JPMorgan Chase to take over the Apple Card from Goldman Sachs in a deal that will shift more than $20 billion in card balances, bolster JPMorgan's credit card dominance, and mark another step in Goldman's retreat from consumer banking.
Coverage Details
Bias Distribution
- 59% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
