JPMorgan Chase in Talks to Take Over Apple’s Credit Card Program, Report Says

JPMorgan Chase and Apple have been negotiating since last year, The Wall Street Journal reported. (David Paul Morris/Bloomberg)

JPMorgan Chase is in advanced discussions with Apple to take over the tech company’s credit card program, The Wall Street Journal reported Tuesday.

Talks between the two have intensified in recent months, the Journal said, though negotiations could still collapse due to the challenges of absorbing Apple’s program from Goldman Sachs. JPMorgan and Apple have been negotiating since last year, according to the report.

Spokespeople for JPMorgan and Goldman Sachs declined to comment. Apple didn’t immediately respond to a request for comment.

Goldman and Apple launched the Apple Card in 2019, but moved to end their partnership in 2023 as the investment bank retreated from consumer lending. Last year, Apple said it had 12 million Apple Card users and roughly $20 billion in balances.

Shares of all three companies nudged lower on Tuesday.

Write to Nate Wolf at nate.wolf@barrons.com