Apple in talks with JPMorgan to replace Goldman Sachs as credit card partner

Apple is in talks with JPMorgan to replace Goldman Sachs as the credit card program partner. The two companies have been discussing the deal since early last year and talks have recently picked up speed. However, the deal isn't final yet and there are still challenges that could stop it from happening. Apple has also spoken with other big banks and fintech companies.

Apple Inc. (AAPL) is in advanced talks with JPMorgan Chase (JPM) to take over its credit card program from Goldman Sachs (GS), according to recent reports. The two companies have been discussing the potential deal since early last year, with talks picking up speed in recent weeks [1].

The partnership between Apple and Goldman Sachs, which began in 2019, has been a cornerstone of Goldman's consumer banking strategy. However, Goldman has faced challenges in the consumer banking sector, leading to a rethink of the partnership. The high growth rates of the Apple Card, coupled with accounting requirements, have posed difficulties for Goldman. The bank has since pivoted back to its mainstays of investment banking and trading [2].

JPMorgan, the largest U.S. bank, is seen as a potential replacement for Goldman. The bank is already the top credit card issuer in the United States and competes closely with rivals such as American Express and Capital One. If the deal goes through, it would further entrench JPMorgan in the credit card business and add to a string of victories for CEO Jamie Dimon [1].

Apple has also been exploring other options, including American Express, Capital One, Synchrony Financial, and some fintech companies. Additionally, Visa has reportedly offered Apple around $100 million to switch from Mastercard to Visa for the Apple Card [2].

Despite the progress, the deal is not yet final. There are still challenges that could potentially stop it from happening. One of the key sticking points is how the Apple Card will be serviced, with JPMorgan seen as more disciplined than Goldman in this regard [3].

For Apple, the potential switch to JPMorgan would bring stability after years marked by high growth and regulatory scrutiny over how Goldman handled billing and refunds. Goldman had signed up to service the card through at least 2029, but the bank is now moving its General Motors card business to Barclays [3].

The potential deal highlights the competitive landscape in the credit card industry and the strategic importance of partnerships for both Apple and JPMorgan. As negotiations continue, investors and financial professionals will be watching closely to see how this development unfolds.

References:
[1] https://finance.yahoo.com/news/jpmorgan-nears-deal-over-apples-144317614.html
[2] https://www.nasdaq.com/articles/apple-eyes-jpmorgan-replace-goldman-sachs-credit-card-partner-report
[3] https://www.cnbc.com/2025/07/29/jpmorgan-chase-apple-card-goldman-sachs-issuer.html