TL;DR
Goldman Sachs is reportedly trying to end its Apple Card partnership, with JPMorgan Chase named as the preferred successor. The account carries higher-than-average delinquencies and a large share of subprime borrowers, and any takeover would likely require a steep discount.
What happened
Goldman Sachs has been exploring options to divest its role as issuer of the Apple Card, according to reporting cited in recent coverage. The Wall Street Journal identified JPMorgan Chase as the leading candidate to take over the partnership, though no agreement had been signed as of the latest reports. Other institutions floated as potential buyers include American Express, Capital One and Synchrony, but they appear less likely to assume the account. Apple Card has been costly for Goldman Sachs: the bank’s consumer-facing business has posted significant losses tied in part to the card, which carries a disproportionate share of subprime customers and a delinquency rate above the industry average. The Apple Card Savings account is also issued by Goldman Sachs and remains tied to card ownership, but it has only limited functional linkage to the card itself. Reports suggest a takeover would require acquiring the portfolio at a substantial discount given credit performance and outstanding balances.
Why it matters
- A change in issuer could alter Apple Card terms and customer experience, since issuing banks set fees, underwriting and some product policies.
- Apple Card’s higher delinquency and subprime exposure create financial risk for any acquiring bank and likely influence deal pricing.
- Goldman Sachs’s consumer business has absorbed notable losses connected to the card, highlighting the challenges of large co-brand credit arrangements.
- The Apple Card Savings account, currently issued by Goldman Sachs, may be affected by a card issuer change even though its functional ties to the card are limited.
Key facts
- Goldman Sachs is seeking to exit the Apple Card partnership.
- The Wall Street Journal named JPMorgan Chase as the preferred choice to assume the partnership; no deal had been finalized in the reporting cited.
- Other rumored potential buyers include American Express, Capital One and Synchrony.
- Apple Card has contributed to at least $1 billion in costs tied to the partnership; Goldman Sachs’s total consumer product losses were reported at $6 billion.
- Apple Card balances are reported at over $20 billion.
- A subprime customer is defined in the reporting as someone with a credit score below 660; Apple Card’s subprime share was reported at about 34%.
- Reported delinquency on Apple Card is roughly 4%, compared with an industry average near 3.05%.
- Apple Card’s consumer-facing features include no foreign transaction fees, no late fees, no returned payment fees, up to 3% cash back at partner merchants, and promotional 0% APR financing on Apple products.
- The Apple Card Savings account is issued by Goldman Sachs and requires Apple Card ownership, but it has limited functional integration beyond optional cashback deposits.
- JPMorgan Chase does not typically offer high-yield savings accounts in the way some other banks do, per the reporting.
What to watch next
- Whether JPMorgan Chase will complete a takeover and on what timeline — not confirmed in the source
- If a new issuer would assume or discontinue the Apple Card Savings account currently issued by Goldman Sachs — not confirmed in the source
- How card terms (fees, rewards, underwriting) might change after a transfer; the source suggests late fees and other restrictions are plausible but not confirmed — not confirmed in the source
Quick glossary
- Co-brand partnership: A collaboration between a card network or retailer and a bank in which the bank issues credit on behalf of the partner brand, sharing marketing and customer acquisition.
- Subprime customer: A borrower typically defined as having a credit score below a specified threshold (the source uses below 660), indicating higher credit risk.
- Delinquency rate: The percentage of accounts with late or missed payments over a given period, used to measure credit performance.
- High-yield savings account: A savings account that offers an interest rate notably above the national average; product availability varies by bank.
- APR (Annual Percentage Rate): The yearly cost of borrowing expressed as a percentage, including interest and certain fees; promotional offers may temporarily reduce APR.
Reader FAQ
Has JPMorgan Chase agreed to buy the Apple Card business?
No signed deal was reported; JPMorgan was described as the preferred choice but a takeover had not been completed in the cited reporting.
Why is Goldman Sachs looking to exit the partnership?
Reporting cites substantial losses tied to the card and a high share of subprime borrowers as key reasons for Goldman Sachs seeking to divest.
Will the Apple Card Savings account move to a new issuer?
Not confirmed in the source.
Will Apple Card customers see fees or rewards changes?
The reporting says changes are plausible if a new lender takes over (for example, reintroducing late fees), but specifics were not confirmed.
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Sources
- Apple Card shake-up may finally happen this year: Here’s the latest
- JPMorgan Nears Deal to Take Over Apple Card …
- JPMorgan Chase, Apple Card: Nearing deal to replace …
- JPMorgan Explores Taking Over Apple Card That Goldman …
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