On several occasions, the
American bank Goldman Sachs has publicly expressed its dissatisfaction with its collaboration with Apple for the Apple Card. It is known that in this case, Goldman Sachs is suffering colossal losses and is starting to get exasperated with the situation. Apple could potentially change partners to continue to keep the Apple Card alive in the United States!
A new partner for the Apple Card?
For over a year, discussions between Apple and Goldman Sachs about ending their partnership around the Apple Card have been intensifying. Launched with optimism, this credit card had seduced the American investment bank, which saw in this project a strategic opportunity. However, Goldman Sachs ultimately realized that the Apple Card was not as lucrative as expected for its own financial objectives.
Faced with this finding, Apple is exploring other options and has started negotiations with several American financial institutions, including JPMorgan Chase. The latter is currently in advanced discussions with Apple to potentially take over the Apple Card program. Aware of the difficulties encountered by Goldman Sachs, JPMorgan wants to take a different approach if it were to conclude this agreement.
According to a recent rumor from the Wall Street Journala deal between Apple and JPMorgan Chase could be finalized in the coming months. However, several adjustments are still being negotiated. Among them, JPMorgan Chase is seeking to pay less than the $17 billion in outstanding balances for Apple Card holders, while also requesting the abandonment of calendar-month billing cycles, a practice that has created customer service complications.
Apple isn’t limiting its search to JPMorgan Chase, the company has also explored alternatives with Synchrony Financial and Capital One. Nevertheless, JPMorgan Chase appears to be the frontrunner to succeed Goldman Sachs in managing the Apple Card.
The Apple Card, launched in the United States, allows users to benefit from a simple and secure payment method directly integrated into their iPhone. With this card (virtual and physical), customers can make purchases online and in stores with great ease. In addition, Apple also offers a high-interest savings account via the Wallet app, which gives Apple Card holders an opportunity to grow their savings faster than with a traditional bank.
For the moment, the Apple Card is not yet available in France, no indiscretion mentions an upcoming launch. Apple will have to collaborate with a banking institution in France if the company wishes to launch its Apple Card, the good news is that the Cupertino firm has plenty of contacts in France thanks to its Apple Pay partnerships.
