JPMorgan Chase may take over the Apple Card from Goldman Sachs

The news: JPMorgan Chase is reportedly in talks to take over Apple’s credit card program, per the Wall Street Journal.

• Discussions have advanced in recent weeks, sources told the Journal. But reaching a final deal may take months—if ever.
• Chase wants to pay less than the full face value of Apple’s credit card program, which has roughly $17 billion in outstanding balances.

How we got here:

• Apple and Goldman Sachs’ partnership for the Apple Card was supposed to extend through 2029.
• But after Goldman Sachs wanted to end its partnership with Apple, the tech giant reportedly sent Goldman Sachs a proposal to end the partnership by 2025.
• Since then, Synchrony, Capital One, and American Express have been involved in various discussions about taking over the portfolio.