Apple Card Drama: Will JPMorgan Chase Take the Wheel and Drive Goldman Sachs Crazy?
Summary
The drama around the Apple Card continues, and folks, it’s spicier than a jalapeño on taco night! According to the latest buzz from the Wall Street Journal, it seems Apple may be eyeing JPMorgan Chase to swap out Goldman Sachs like yesterday’s leftovers after a long weekend. Why? Well, Goldman Sachs’ losses from their consumer antics have ballooned past a whopping $6 billion—who knew managing credit cards could feel like a game of Monopoly gone wrong! Rumor has it, Apple isn’t just playing footsie with Chase—they’ve also chatted up Capital One and Synchrony Financial in a bid to find someone who can handle their branding without tripping over it. And Goldman? They’ve even lobbed a conversation at American Express about switching things up last year—presumably over a game of poker. The talks with Chase kicked off earlier this year and are reportedly about halfway along the road to completion, but buckle your seatbelts; a proper deal might still be months away! The pair still needs to haggle over the price, which is as tricky as trying to find the right emoji for a breaking relationship. Currently, Apple Card is sitting on a snug $17 billion of outstanding balances across around 12 million users—talk about a balanced diet of credit! And don’t be fooled—JPMorgan is looking to snag this deal for less than the total face value, which is like going to a clearance sale for credit card portfolios. Some portfolios sell for a tidy premium, but with Apple’s infamous subprime exposure and quirky terms, they might have to get it at a discount. Can’t blame them for wanting to dodge the bullet, right? But wait, it gets juicier! If JPMorgan plays ball, they’ve hinted at wanting to overhaul some of the Apple Card’s design elements—specifically the billing system, which is currently orchestrated like a bad boy band, producing sync issues and customer service woes that would make any manager cry. No more “everyone gets their bill at the same time”—talk about a recipe for chaos! As for other changes, those details remain under wraps, but rumor has it the new potential partner might want to rework data sharing. Because, you know, nothing says love like swapping all your secrets with your bank! So, stay tuned because whether this partnership flies or flops, it’s sure to be as thrilling as binge-watching your favorite soap opera!
Original Source: 9to5mac.com
