Amid long-running reports that Apple and Goldman Sachs are working toward ending their Apple Card partnership, JPMorgan Chase is now in talks with Apple about taking over the credit card program, reports The Wall Street Journal.
A deal could still be months away, according to the report, but talks have accelerated in recent weeks as the two sides negotiate details of a potential agreement.
Chase is looking for certain concessions in order for a deal to be reached, including paying less than the $17 billion face value of outstanding balances of Apple Card holders and doing away with the synchronized Apple Card billing cycles that match the calendar months but have created customer service issues.
Apple has also spoken with Synchrony Financial and Capital One about the Apple Card program, while Goldman Sachs spoke with American Express last year as the two current partners on Apple Card have been exploring how to end their partnership, but it appears Chase is the current leader.
Update: CNBC and the Financial Times also reported about the talks between Apple and JPMorgan.
Top Rated Comments
For every other financial product, the date is largely when the account was opened. Obviously there's adjustments for the 28th - 31st of the month, but it's spread around the month with only little differences between.
With Apple Card, everyone's billing cycle is the same day. This means there's a huge upswell at the start of the month and a relatively silent for the rest of the month. This imbalance is very hard on the labor involved as it's a huge firehose at once, rather than spreading it around. The quality is also isn't as good as the rush to close the tickets weighs heavy on everyone.
As an Apple Card customer, I am very willing to adjust my billing cycle date as I value better working conditions for all.
Having the billing cycle spread out throughout the month helps customer support.
But American Express would’ve been better.
It’s the perfect card for someone that doesn’t want to have to spend a lot of time managing a card. If you’re willing to put more effort into managing a credit card there are many cards that offer better rewards.
Basically, the Apple Card rewards aren’t as good as something like the Chase Sapphire card but it’s more customer friendly and easier to use