Apple Card: has a successor for Goldman Sachs finally found?

Does Apple’s credit card finally get internationalization? Apple Card, which has only been available in the United States since 2019, has been looking for a new issue partner for a long time, since the current, the US money house Goldman Sachs, wants to get out of the contract as quickly as possible. Again and again there was speculation about which large bank and which card network will be awarded the contract – or Apple may be a license for financial services.

Lucrative Apple customers

A new one Report of the Wall Street Journal According to a deal, a deal is finally getting closer: Apparently JPmorgan Chase, even US banking market leader, is the preferred new partner. The negotiations have “accelerated” in recent months. Apple himself made it clear that you are interested. However, a contract has not yet been signed because there are “a number of challenges” at the Apple Card.

If the collaboration begins, DSA would “be one of the largest credit card deals at all,” writes Bloomberg. At Goldman, the business is currently accounting for around $ 20 billion. The Apple Card is said to have 12 million customer relationships. JPmorgan Chase is already the country’s largest credit card editor. As the Wall Street Journal continues, the bank is also interested in the Apple customer, which is considered lucrative. Other financial products could also be offered via the new channel – the question is whether Apple allows this.

Hope for internationalization

Goldman’s attempts to get out of the Apple Card deal are now at least two years. So far, the card has been a minus business for the money house, because Apple has set it up very customer -friendly. In contrast to ordinary credit cards, there are no fees. Money is earned with the usual high interest rates as long as customers do not simply pay the invoice monthly. The card is controlled via iPhone, where customers also receive a good overview of expenses made.

With a takeover of the Apple Card by JPMorgan Chase, hopes of internationalization of the product are also combined. Goldman originally had this over his daughter Marcus (or other daughters), but then increasingly withdrew from the international private customer business. Since Apple apparently does not force internationalization in its contracts, it remained that the card is only available in the United States. The possible other candidates for the Apple Card include competing providers such as Capital One, Synchrony and American Express. Payment network is currently Mastercard, here in the future Visa could become a partner where Apple is attracted to bonus payments.