WSJ: JPMorgan Chase strikes deal to take over Apple Card ↦

AnnaMaria Andriotis and Gina Heeb at the Wall Street Journal reporting (paywalled; News+ link):

“JPMorgan will issue Apple credit cards for both new and existing cardholders, the people said. The transition from Goldman, as is the case with most card deals, will take time.

JPMorgan is planning to launch a new Apple savings account, according to people familiar with the matter. Consumers with existing Apple savings accounts at Goldman will decide whether they want to stay there or open an account with JPMorgan, the people said.

It’s been widely known that Goldman Sachs wanted to unload its end of the partnership, which, when it launched in 2019, was one of its major forays into consumer lending, but which ended up costing it a lot of money. Apple’s discussion with potential partners have been taking place for almost two years now, including the likes of American Express and Capital One.

JPMorgan Chase, of course, already has a wide range of existing credit card lines and is well versed in this business. It’ll be interesting to see what, if any, changes get made. It seems like Apple will remain in the driver’s seat in terms of perks and the like—and I wouldn’t expect there to be any significant changes from the technology side of things.

Go to the linked site.

Read on Six Colors.