• JPMorgan Chase is in advanced negotiations to acquire Apple Card from Goldman Sachs, though Apple is also in talks with Barclays and Synchrony Financial.
  • The potential shift comes as Goldman Sachs exits consumer finance partnerships after regulatory penalties and operational challenges.
  • A new issuer could reshape Apple Card’s features, rewards, or payment network, with Visa reportedly interested in replacing Mastercard.

JPMorgan’s Push for Apple Card

JPMorgan Chase is closing in on a deal to take over Apple’s credit card program, according to people familiar with the matter, as Goldman Sachs seeks to exit its consumer finance ventures. The discussions, still ongoing as of late January 2025, could see one of the largest U.S. banks absorbing a portfolio with roughly 12 million users and $17 billion in outstanding balances.

But the negotiations aren’t exclusive. Apple has simultaneously engaged with Barclays and Synchrony Financial, while Visa has expressed interest in replacing Mastercard as the card’s payment network. The outcome could significantly alter the fintech landscape, given Apple Card’s integration with Apple Pay and its role in digital payments.

Goldman’s Retreat and Regulatory Fallout

Goldman Sachs’ departure follows mounting losses in consumer lending and a $90 million fine from the Consumer Financial Protection Bureau over mishandled transaction disputes. The bank, which launched Apple Card in 2019 as part of its now-abandoned push into retail banking, has struggled with profitability and compliance in the space.

“This was always a mismatch for Goldman,” said one industry analyst, noting the firm’s traditional focus on institutional clients. “JPMorgan or another retail-heavy bank could stabilize the program—if Apple agrees to terms.”

What’s Next for Cardholders?

Apple has assured users that the card’s consumer-friendly features will remain intact, but details—such as rewards structures or underwriting standards—could shift under new management. A switch to Visa, for instance, might expand the card’s acceptance globally, though the product remains U.S.-only for now.

Spokespeople for JPMorgan, Apple, and Goldman Sachs declined to comment. Synchrony and Barclays did not immediately respond to requests for clarification on their roles in the talks.