The Wall Street Journal reports on the progress of the new financial institution partnership plan for Apple Card, the credit card service of Apple, which is set to end its collaboration with Goldman Sachs due to Goldman Sachs seeking to reduce services related to retail customers.
This report has been circulating since last year, with several financial institutions negotiating with both Apple and Goldman Sachs to offer a portfolio of over 12 million customers, currently only available in the United States.
The latest information indicates that JPMorgan Chase may strike a deal with Apple to oversee the Apple Card credit card. However, all details are still under negotiation, including the portfolio that JPMorgan needs to purchase from Goldman Sachs, valued at around $1.7 trillion. JPMorgan aims to pay less due to having customers who are delinquent debtors.
Another point that JPMorgan wants to change is the debt payment notification system, originally set by Apple Card on the first day of the month for customer convenience. However, this led to a mass of customers paying at once, causing issues for Goldman Sachs. JPMorgan also wants to stagger payment due dates.
Source: The Wall Street Journal
TLDR: The Wall Street Journal reports on Apple Card potentially partnering with JPMorgan Chase, as they prepare to end their collaboration with Goldman Sachs over reducing services for retail customers. JPMorgan aims to negotiate a deal to oversee the Apple Card credit card and is also looking to change the debt payment notification system.
Leave a Comment