In an ongoing attempt to reshape the future of the Apple Card, Apple is reportedly in discussions with JPMorgan Chase regarding the potential takeover of the credit card business from Goldman Sachs. According to sources, Goldman Sachs continues to face mounting losses in its consumer business, crossing the $6 billion mark. In light of these circumstances, Apple has been exploring potential partners such as Capital One and Synchrony Financial to assume control of the Apple Card.

Reports suggest that talks between Apple and JPMorgan Chase began earlier this year and have advanced significantly in recent weeks. However, it is believed that a formal deal could still take months to finalize, as key details, including the price, are yet to be negotiated.

The current outstanding balances on the Apple Card amount to approximately $17 billion, serving around 12 million users. JPMorgan is reportedly seeking to pay less than the full face value of these balances. It is worth noting that credit card portfolios are typically sold at par value or even at a premium, while those with delinquencies or other issues may sell at a loss.

In addition to negotiating the financial terms, JPMorgan has indicated that it would like to make significant changes to certain aspects of the Apple Card. One key component that JPMorgan wants to modify is the billing system, which currently sends statements to all cardholders at the beginning of each month. This change is seen as an effort to address customer service and logistical challenges faced by Goldman Sachs.

While today's report does not provide details on other potential alterations, previous reports have highlighted the likelihood of a new Apple Card partner requesting changes related to data sharing.

The future of the Apple Card appears to be undergoing a significant transformation, with Apple seeking a new partner to take over the business from Goldman Sachs. JPMorgan Chase has emerged as a potential contender, as talks between the two companies progress. As negotiations continue, it remains to be seen how the final agreement will shape the popular credit card program and what implications it may have for Apple Card users.