JPMorgan Chase has reached a deal to take over operation of the Apple Card, reports The Wall Street Journal. Barring any "last minute hiccups," the deal should be announced shortly after over a year of negotiations.


Reports began circulating over two years ago that current Apple Card issuer Goldman Sachs was looking to end its partnership with Apple as part of an effort to scale back on consumer banking products amid steep losses.

According to The Wall Street Journal, Goldman Sachs is unloading its roughly $20 billion of outstanding Apple Card balances at a discount of more than $1 billion, a rare move for co-branded account deals like this. But higher-than-average delinquency rates and high exposure to subprime borrowers made it more difficult for Goldman Sachs to find a buyer.

JPMorgan Chase's interest in taking over as Apple Card issuer was reported over a year ago, and by this past summer Chase appeared to be the front-runner.

Alongside its new Apple Card partnership, JPMorgan Chase will reportedly launch a new Apple savings account, but existing users with Apple savings accounts at Goldman Sachs will not be automatically transitioned and will need to decide whether they want to stay at Goldman Sachs or open new accounts with Chase.

Update 2:27 pm: Apple has officially announced the change to Chase, with the transition expected to occur in approximately 24 months. Apple Card will remain on the Mastercard network following the shift.

"We're incredibly proud of how Apple Card has transformed the credit card experience for customers by delivering innovative tools that empower users to make healthier financial decisions," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. "Chase shares our commitment to innovation and delivering products and services that enhance consumers' lives. We look forward to working together to continue to provide a best-in-class experience and exceptional customer service with Apple Card."

Apple has also posted an FAQ about the transition.
This article, "Apple Card Will Move From Goldman Sachs to JPMorgan Chase" first appeared on MacRumors.com

Discuss this article in our forums

OpenAI today announced the launch of ChatGPT Health, a dedicated section of ChatGPT where users can ask health-related questions completely separated from their main ChatGPT experience.


For more personalized responses, users can connect various health data services such as Apple Health, Function, MyFitnessPal, Weight Watchers, AllTrails, Instacart, and Peloton. Last month, MacRumors discovered icons related to Apple Health within the ChatGPT app, and today's announcement makes the integration official. Once connected, ChatGPT will be able to access your health and fitness data from Apple Health, including movement, sleep, and activity patterns.

ChatGPT Health can also integrate with your medical records, allowing ChatGPT Health to analyze your lab results and other aspects of your medical history to inform its answers to your health-related questions. OpenAI emphasizes that ChatGPT Health is not intended to provide diagnoses or treatment and is not a substitute for consulting with medical professionals, but it can be used to help understand results or prepare for upcoming appointments.

Privacy and security are always major concerns when it comes to health records, and OpenAI says ChatGPT Health has been developed with multiple layers of encryption and operates as a separate space with enhanced privacy. Data from ChatGPT Health is not used to train ChatGPT's foundation models by default, and users who start health-related conversations in the general ChatGPT interface will receive suggestions to move the discussions to the Health section.

ChatGPT Health is launching with a waitlist to join a group of beta users, with users on ChatGPT Free, Go, Plus, and Pro plans outside of the European Economic Area, Switzerland, and the United Kingdom eligible to start. Medical record integrations and some apps are only available in the United States at the current time. Access to ChatGPT Health will expand to all users on web and iOS in the coming weeks.
This article, "OpenAI Launches ChatGPT Health With Apple Health Integration" first appeared on MacRumors.com

Discuss this article in our forums