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JPMorgan Expected to Complete Deal with Apple for Credit Card Venture

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by Giorgi Kostiuk

17 hours ago

JPMorgan, the largest credit card issuer in the U.S., is in talks to transfer responsibility for the Apple Card from Goldman Sachs. The deal may signify new changes in customer service.

Goldman Sachs Faces Issues with Apple Card

Goldman Sachs has faced challenges managing the Apple Card, issues arising since 2019. The program has encountered technical problems, regulatory scrutiny, and allegations of algorithmic bias.

JPMorgan's Role in the Negotiations

JPMorgan, as a leading competitor in credit cards, dominates the market and is negotiating with Apple regarding future collaboration models. The bank has set certain conditions for completing the deal.

Potential Changes Post-Transfer

If JPMorgan takes over servicing the card, changes are expected in the servicing structure, including a potential modification to the statement issuance mechanism.

Negotiations between JPMorgan and Apple regarding the card transfer are ongoing. If the deal is successfully completed, significant changes in credit card service for Apple users may be anticipated.

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