Apple appears to be entering a close partnership with a major U.S. bank as it expands its financial product lineup. This potential collaboration, highlighted in a recent Power On newsletter by trusted Bloomberg reporter Mark Gurman, points to a strategic shift in Apple’s approach to banking services. The report outlines how Apple is evaluating new banking partners to support its increasingly ambitious wallet and credit initiatives, aiming to blend hardware, software, and finance into a seamless user experience.
Sources close to the matter indicate that Apple is moving away from Goldman Sachs for future credit products. The two companies previously partnered to launch the Apple Card, a credit card that rode the benefits of Apple’s ecosystem but which, according to the same coverage, did not achieve the profitability originally hoped by Goldman Sachs. This pivot appears to be part of Apple’s broader effort to optimize costs, diversify risk, and leverage a partner with a different strategic fit for their evolving financial roadmap.
Among the contenders discussed, Chase stands out as the likely future partner. Gurman notes several factors supporting this assessment. Apple reportedly holds substantial deposits with Chase, with about sixty billion dollars parked in Chase accounts. This already deep financial trust provides a stable foundation for a closer collaboration. Additionally, Chase is among Apple’s oldest allies in facilitating Apple Pay, a critical channel for Apple’s contactless payments and the broader push toward a unified digital wallet experience. These synergies could accelerate product integration and go-to-market speed for any new Apple Card or related financial product.
Another advantage for Chase is its capability to issue MasterCard credit cards beyond American Express. This broad issuing capability means that a redesigned Apple Card could achieve wider acceptance across global markets where MasterCard operates. If a formal agreement is reached, users could experience more consistent card functionality and compatibility, regardless of geography or merchant network, helping Apple expand its financial ecosystem beyond the United States into international markets where MasterCard presence is strong.
In parallel with these developments, Apple has continued to test and refine its consumer electronics value proposition, including ongoing promotions tied to popular devices like AirPods Pro. While the original note mentions a promotion around discounted AirPods Pro 2 headphones, the strategic focus remains on how Apple blends hardware incentives with financial services to boost device sales and user engagement. This approach underscores Apple’s pattern of creating integrated experiences where purchasing decisions, payment options, and rewards are tightly interwoven across its products and services.
Industry observers are watching how this potential partnership could influence the broader card-issuing landscape and the competitive dynamics among big banks, payment networks, and technology firms. A successful alliance with Chase would likely reinforce Apple’s position as a multiplatform financial services player, capable of delivering card products that work seamlessly with Apple Pay, support cross-border usage, and align with the company’s privacy and security commitments. The evolution of Apple Card under such a partnership would be guided by principles of simplicity, transparency, and frictionless user experiences that have become hallmarks of Apple’s consumer brand.
While the details are still becoming clear, the possible transition away from Goldman Sachs indicates a recalibration of who Greenlights and underwrites Apple’s credit product strategy. For consumers, the most noticeable effects could include enhanced card usability across more merchants, steadier cross-border performance, and a more cohesive digital wallet experience. For the market, this signals continued consolidation in the payments space, with technology firms aiming to influence both how cards are issued and how payment networks are accessed. The timeline for any formal agreement remains uncertain, but the strategic rationale outlined by Gurman suggests that Apple aims to accelerate a broader, more integrated financial services platform that complements its devices and services ecosystem.