JPMorgan in talks to become Apple Card's newest issuer: WSJ

JPMorgan (JPM) is reportedly in talks to become the new issuer for Apple's (AAPL) credit card. Market Domination Hosts Josh Schafer and Josh Lipton report more on the story and what the potential partnership could mean for Apple's services business.

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This post was written by Melanie Riehl

Video transcript

I'm Jp Morgan reportedly in talks to become the new Apple credit card issuer.

This is according to the Wall Street Journal.

So here's the story Josh.

So Jp Morgan talked with Apple about taking over the iphone makers credit card program.

Again, this is per the journal uh says discussions started earlier this year.

They've now advanced chief executive Jamie Dimon.

He's been briefed, Josh, that's how far this has gone.

No, now the journal does, does put some cabbages, no guarantee a deal is actually get done because kind of important things like the price apparently is still being negotiated.

But interesting story here.

It just feels like a mega deal too, right to see a bank like JP Morgan, big bank, big tech matching up.

And you start to just think of the different things that they can sort of do together, right?

As you get further integrated into things like Chase's rewards program and the availability of Apple products potentially in those and sort of how those types of things work.

But overall, I mean, just for Apple to get any sort of boost in that services business, we know that services business is so big for them.

So to keep moving this forward after the deal fell out with Goldman feels like an important story overall for that.

Yeah, that and that is the big back story, you know, Apple and Goldman current issued the card part of ways last year.

So Apple looking for a new partner for the credit card, which by the way, uh for the general around 12 million users now, which jumped out.

I mean that was, that jumps off the page a bit bit higher than I probably would have thought.

Yeah.