JPMorgan Chase is reportedly nearing a deal to take over the Apple Card, signaling a potential shake-up in one of Silicon Valley’s most prominent forays into consumer finance.
Apple is said to be favoring JPMorgan as its next banking partner, according to the Wall Street Journal, after Goldman Sachs decided to bow out of the credit card business.
The exit follows years of mounting losses, operational friction, and increased scrutiny from regulators, challenges that ultimately made the Apple Card partnership more trouble than it was worth for Goldman.
Launched in 2019, the Apple Card has since grown into a sizable operation, with more than 12 million users and a credit portfolio that now tops $17 billion.
For JPMorgan, stepping in would mean not just absorbing that scale, but also deepening its ties with Apple at a time when digital finance is becoming a bigger part of the banking playbook.
Apple’s deepening relationship with JPMorgan
If the deal goes through, it would bring Apple and JPMorgan even closer, deepening a relationship that already runs pretty deep behind the scenes.
JPMorgan already has deep ties to Apple. As the country’s largest bank, it processes Apple Pay transactions for millions of Chase cardholders and frequently promotes Apple products through customer perks.
Taking over the Apple Card would be a natural extension of that relationship and a chance for JPMorgan to further cement its role in the growing intersection of tech and finance.
For Apple, the switch would bring in a more seasoned banking partner—one with a longer track record in consumer credit and the infrastructure to handle a program of this scale.
For JPMorgan, it’s an opportunity to grow its digital payments footprint and play a bigger role in shaping the future of fintech.
That said, the deal isn’t done yet. While talks have moved forward, there are still a few unresolved issues on the table.
Sources say negotiations over pricing and potential program tweaks could stretch out the timeline or even scuttle the deal entirely if things don’t align.
One of the key hurdles is price: JPMorgan reportedly wants a discount on the portfolio, citing concerns around credit quality and the quirks in how the card program runs.
There’s also the matter of Apple’s unusual billing setup, which has all cardholders receiving statements on the same day each month.
That system overwhelmed Goldman’s support teams, and JPMorgan is pushing for changes. Apple appears willing to tweak the model, but until everything’s signed, sealed, and delivered, the outcome remains up in the air.
Goldman Sachs’ bumpy ride
When Goldman Sachs teamed up with Apple to launch the Apple Card in 2019, it was seen as a bold bet on consumer finance.
But the reality turned out messier. Losses piled up, customer service costs ballooned, and regulatory pressure mounted leading Goldman to rethink its entire approach to retail banking.
Backing out of the Apple Card was just one part of that retreat.
Now, JPMorgan Chase looks poised to pick up where Goldman left off. It’s a very different kind of move.
While Goldman is pulling back, JPMorgan sees a long-term play: deeper access to Apple’s massive ecosystem and a chance to expand its digital payments footprint.
If the deal goes through, it could reshape how traditional banks partner with tech giants.
It’s also a reminder that even with all the talk about disruption, old-school financial infrastructure still plays a critical role in making flashy new fintech work.
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