According to WSJ JPMorgan Chase has reached a deal to take over the Apple card portfolio from Goldman Sachs. The deal has been in the works for over a year and includes JPMorgan Chase purchasing the back book (existing cardholders) and issuing rights (new cardholders) for the Apple portfolio.
The exact terms are unclear but JPMorgan Chase will receive $20 billion in outstanding card balances at more than a $1 billion discount (normally these balances sell for a premium rather than a discount).
As part of the deal a new Apple savings account will be launched, those with existing Apple savings accounts will remain at Goldman Sachs but obviously have the option of opening a new account with JPMorgan independently.
