up may finally happen this year: Here's the latest
9to5Mac••technology
Key Points:
- Goldman Sachs is seeking to exit its partnership with Apple Card after incurring at least $1 billion in losses from the product, which has a high percentage of subprime customers and generous benefits like no fees and cash back rewards.
- JPMorgan Chase is the leading candidate to take over the Apple Card partnership, though no deal has been finalized; the high subprime customer rate (34%) and delinquency rate (4%) pose significant challenges.
- Other potential acquirers such as American Express, Capital One, and Synchrony are less likely to take over, with Amex signaling skepticism due to the subprime-heavy customer base.
- The Apple Card Savings Account, also issued by Goldman Sachs, is not deeply integrated with the credit
