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Apple is reportedly in discussions with JPMorgan Chase to assume control of the Apple Card program, as Goldman Sachs faces $6 billion in consumer business losses. This move may alter key components of the card, including its unique billing cycle.
Apple Card Could Transfer to JPMorgan Chase
What will happen to the Apple Card in the future is still a mystery. The Wall Street Journal reports that Apple is reportedly in discussions to acquire Goldman Sachs' Apple Card business from JPMorgan Chase.
This is happening at the same time that Goldman's consumer business losses have surpassed $6 billion.
According to a rumor that surfaced today, Apple has been in talks with multiple possible partners, including Capital One and Synchrony Financial, both of which might acquire Apple Card. Last year, Goldman Sachs and American Express had separate conversations regarding the possible transfer of the alliance.
Talks Began Early This Year Between Apple and JPMorgan
Apple and JPMorgan Chase allegedly began talks early this year "and half advanced in recent weeks." "Key details including the price are still to be negotiated," and an agreement may still be "months away."
Twelve million people have approximately $17 billion in unpaid Apple Card balances as of right now, according to 9to5Mac. Today's report states that JPMorgan aims to settle the sums for "less than the full face value":
"The team at JPMorgan negotiating the deal wants to pay less than the full face value of the roughly $17 billion in outstanding balances in the Apple credit-card program, the people said. Credit-card portfolios often sell at par or for a premium to the total loans, while accounts that have high delinquencies or some other flaw can sell at a loss.
Apple has both subprime exposure and terms associated with its current program that could be costly to take on for any issuer."
Changes to Apple Card’s Billing Cycle Considered
Reportedly, JPMorgan has also stated its intention to alter "key components" of the Apple Card as part of the negotiations. This involves doing away with the present billing method, in which a statement is sent out to all cardholders at the start of each month.
This has caused logistical and customer service issues for Goldman Sachs, as mentioned earlier.
