Apple In Advanced Talks With JPMorgan To Replace Goldman Sachs For Credit Card Program: Report

According to a report by The Wall Street Journal, the deal hasn’t been finalized yet, and the negotiations could still come undone given the “number of challenges” associated with Apple’s credit-card program.
Apple Inc. CEO Tim Cook announces the release of its own credit card, called Apple Card at the Steve Jobs Theater at Apple Park on March 25, 2019 in Cupertino, California. (Photo by Michael Short/Getty Images)
Apple Inc. CEO Tim Cook announces the release of its own credit card, called Apple Card at the Steve Jobs Theater at Apple Park on March 25, 2019 in Cupertino, California. (Photo by Michael Short/Getty Images)
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Prabhjote Gill·Stocktwits
Updated Jul 29, 2025 | 11:42 AM GMT-04
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JPMorgan (JPM) is reportedly in advanced talks with Apple (AAPL) to take over the tech giant’s credit-card program. 

According to a report by The Wall Street Journal, the discussions have gained pace in recent months, with Apple telling JPMorgan it would likely replace Goldman Sachs (GS). It added that the deal hasn’t been finalized yet and that the negotiations could still come undone given the “number of challenges” associated with Apple’s credit-card program.

Apple’s stock fell 0.5% in morning trade, with retail sentiment on Stockwits dipping lower within ‘bullish’ territory over the past day.

Meanwhile, JPMorgan’s stock edged 0.06% lower in morning trade and Goldman Sach’s stock moved 0.3% higher. Retail sentiment around both banking stocks was in the ‘bearish’ zone on Stocktwits. 

The report noted that if the deal between Apple and JPMorgan is finalized, it would be one of the biggest credit-card deals ever. JPMorgan is already the latest credit-card issuer in the U.S., and a deal with Apple would open its business to 12 million additional users.

Apple and Goldman Sachs, the current issuer of the card, parted ways last year, ending the partnership, which included credit cards and savings accounts. Apple was also reportedly in conversation with Synchrony Financial and Capital One for its credit-card program, but JPMorgan has emerged as the frontrunner. 

When a credit card partnership changes hands, the outgoing bank and the incoming bank typically must agree on a price for the existing card balances. 

In the case of the Apple Card, Goldman Sachs currently holds those balances, which would need to be transferred. JPMorgan and Apple also need to finalize terms such as the card’s rewards program and other customer-facing features.

Read also: Apple Could Get A $65 Billion Boost From Foldable iPhone Launch In 2026, Says JPMorgan

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