According to the WSJ JPMorgan Chase is in advanced talks to purchase the Apple card portfolio from Goldman Sachs. Goldman just sold the GM card portfolio to Barclays in a discounted deal worth $2 billion and is looking to exit the consumer card market altogether.
As part of the deal JPMorgan are looking for a number of concessions from Apple that include things such as spreading out card billing (currently all cardholders are billed at the start of the month).
Perhaps Barclays would welcome the new Apple Card, after all they were the lender of the OG Apple Card.
I guess Chase fits since they technically don’t have a 2% cash back card, probably another 2% category, 5% on apple product, and ability the change the statement & due dates and I could see this working for them.
*another 3% category
It doesn’t matter much since it doesn’t (won’t) earn UR points. Apple Cash is its own thing just like Amazon Rewards is separate.
I’m kind of surprised that Capital One apparently took a pass. I would have thought they would use a future move to the Discover network in negotiations when the current MC contract expires.
Apple probably wants their card to be accepted everywhere though.
The MC agreement doesn’t expire until 2028. One would hope that C1 would have greatly improved the international acceptance in 3 years. As it stands right now with the agreements with Diners, Unionpay, etc. it isn’t as bad right now as people portend.
But it’s kind of a moot point since C1 doesn’t appear to be interested.
Apple probably demanded eligibility for high FICO scorers.
ahahahahahaha
Capital One got screwed too many times by partners
After chase closing ALL my personal credit cards and checking accounts and also closing ALL my business credit card and checking account, are they going to keep my apple card if this happens?! I hope this does not happen AT ALL. I start hate chase a lot.
Why would you close everything? 💀
They closed everything not me 🙁
they did the same to me. i feel the same way
What shenanigans did they catch you doing? You must have done something
Absolutely nothing. Having actual real business and nothing suspicious at all. I have been a customer with them since 2008. The bad thing about all this is they don’t give you any reason AT ALL. Simply say you if you could walk to a bank and close your accounts without giving any reasons, we could do the same. I tried to push and they only send you the documents for terms and conditions 🤷🏻♂️
Most likely pushing velocity on biz cards too hard. When it happens it often comes a few weeks after pushing your luck once too often.
People did First Republic for this reason.
First Republic didn’t save anyone. if you were on JPM’S blacklist, then your accounts werent moved over.
Rumored* SUB spend 3k with in 3 months get an iPad free.
ipad case* for free
FTFY
Better be a 13″ iPad Pro…you can get a new iPad for $199 nowadays.
iPad sticker?
Why does the statement/billing date matter?
What might be interesting with this move would be for Chase to expand the earnings on this card. Instead of its limited group of 3% partners, a universal 3% on Apple Pay and opening it to earning UR points could turn this into one of the most in-demand products Chase offers.
I wonder if Chase is trying to negotiate better ChaseNet/payment network rates with Apple Pay as a part of this. That might be worth it to take on a riskier portfolio in the long term.
I wonder if Apple will ask for their card to be exempt from 5/24 restrictions like Amazon did with their card, or if they even care…
I’ve gotten denied for Amazon card for 5/24 twice even when they were giving them away like candies
I got it over 5/24. What other reasons were cited? 5/24 is just one point.
5/24 seems like a major limitation to the apple card goals. At this point maybe that’s less of an issue as their market penetration is already higher and their goals may have shifted. I wouldn’t be surprised if Apple launches some sort of checking account at some point as well.
Why would churners care about the Apple card though? And why would Apple want churners?
My guess is that they want normal statement closing/billing, tightening of approvals, and the big one… access to data/marketing info.
I’d think that the whole point is cross promotion, and Chase figures they might as well shoot their shot, as Amex won’t want their low FICO, high risk customers.
I also don’t think Cap1 and Synchrony have the leverage (or balls) to say no to all of Apple’s demands.