JPMorgan Chase It is reportedly in discussions with apple It will be the new issuer of the Apple credit card.
The discussions began earlier this year and have progressed in recent weeks, according to the Wall Street Journal. Reported Tuesday (September 17), citing anonymous sources.
Negotiations are reportedly ongoing and there is no guarantee an agreement will be reached.
Reached by PYMNTS, JPMorgan Chase declined to comment on the report.
Apple did not immediately respond to PYMNTS' request for comment.
Your current credit card issuer, Goldman Sachsand Apple agreed to end their partnership last year, but the companies have reportedly yet to reach an agreement with a new publisher to take over the program.
Apple and JPMorgan Chase reportedly already have a partnership that offers Chase customers discounts on Apple products and allows the bank to make payments to the tech company every time card customers use Apple Pay.
However, JPMorgan Chase is reportedly in talks to make changes to Apple's credit card program, such as paying less than the full face value of outstanding balances and requiring cardholders to receive statements at the beginning of the month.
The report said Apple's subprime mortgage exposure and terms could be costly for any issuer.
In November, it was reported that Apple had proposed terminating its credit card agreement with Goldman Sachs within the next 12 to 15 months, after the program was originally scheduled to extend through 2029.
Goldman Sachs entered the credit card industry in 2019 but began to exit four years later after suffering heavy losses while trying to build a full-service consumer business. By early 2023, the bank had informed Apple of its intention to end its partnership.
It was reported in December that Chase Bank could be a natural successor to take over Apple's credit card program, given the close relationship the two companies already have.
Chase, for example, was one of the earliest Apple Pay partners, stores some of the tech giant's roughly $60 billion in cash, and is one of Apple's largest credit card partners for transactions at retail stores.
