Apple Card: rumors about a new banking partner

Apple Card, Apple’s in-house credit card, needs a new banker for the foreseeable future: current partner Goldman Sachs wants out of the contract from 2023. Now there are renewed rumours about which of the major US financial houses could take over. However, it is unclear whether the deal will be concluded in the near future.

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Goldman just wants to go away

According to the Wall Street Journal report, the likely successor to Goldman Sachs is the major US bank JPMorgan and its subsidiary Chase. There were similar rumors last year. According to the new report, Apple has been in discussions with JPMorgan for several months and the talks have “progressed” in recent weeks. But a contract has yet to be signed not for the next few months to. “Key details, including price, still need to be negotiated.”

Goldman Sachs had decided that the contract with Apple was no longer worth it – the bank’s private client department, which is primarily known for its investment activities and in which the Apple Card is stored, has suffered heavy losses. JPMorgan now thinks things will be different with its deal with Apple. The Wall Street Journal also writes that Apple has now spoken to well-known US credit card issuers Capital One and Synchrony. Goldman Sachs itself apparently tried to hand the business over to American Express, but failed.

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Apple Card has so far been away from any internationalization

Although Apple Card has been successful in the US market, it was also able to raise a huge amount of money thanks to its associated savings account offering. However, for five years there has been no sign of internationalization of this offering – not even including English-speaking countries like Canada or Great Britain.

JP Morgan is also known and active internationally for many years. There is also one in Frankfurt “private bank”However, it is aimed at only certain customer groups. It is uncertain whether JPMorgan as a banking partner will promote rapid internationalization. However, JPMorgan is currently working on this in Germany Chase brand as an online bank Introducing the Apple Card. Apple Card would probably be best placed there. Chase is already the largest US credit card issuer, and the Apple Card is said to have 12 million customers.

(B.Sc.)