Last week Patently Apple posted a report titled "Rumor claims that over the next 12-15 months Apple will be pulling the plug with Goldman Sachs regarding Apple Card and Savings Products," based on a Wall Street Journal report. Today Bloomberg's Mark Gurman writes in his Sunday Newsletter that Apple may be considering to work with Chase for Apple Card services in 2024-25.

Gurman notes that "Despite creating a unique credit card interface that had deep iPhone integration — and well-received features like fewer fees and cash back that accrues daily — the partnership quickly turned sour.

Behind the scenes, there were engineering problems developing the service. On the outside, there were complaints about gender discrimination on credit limits and approvals, as well as long customer service hold times and issues when clients disputed charges.

Between the engineering spending and losses on loans, the credit card was a disaster for Goldman’s balance sheet, contributing to billions of dollars in red ink. It doesn’t take a bank as well regarded as Goldman to know that it should try to ditch a program burning that much cash.

The name that has been discussed publicly the most so far has been AmEx. It has the premium brand and a history of credit card partnerships. It also currently handles a number of roles for Apple, including:

• Storing some of the tech company’s roughly $60 billion in cash on hand.
• Serving as one of the earliest and most successful Apple Pay partners.
• Teaming up with Apple on its Ultimate Rewards program, which offers discounts on Apple devices to its banking and credit card customers.
• And, of course, serving as one of the biggest credit card partners for transactions at Apple retail outlets, online store and the App Store.

Chase has something else going for it: It offers credit cards that use the MasterCard network. That’s the same system that powers the Apple Card, meaning there’d be no need to switch to the Visa or American Express platforms.

The one component of Apple’s financial services portfolio that wouldn’t be a fit for Chase is its savings account. That product is touted as a high-yield account, with an annual rate of 4.15%. Unlike Goldman and some other banks, Chase only offers peanuts when it comes to interest for savings accounts."

New Apple Stores Coming in 2024

Gurman also revealed in his Newsletter that Apple will be a new store in Hanam, South Korea, at the Starfield mall. It opens on Dec. 10. Apple was due to open another store in the country simultaneously, but it now appears that one is running behind.

Other new international stores, including a location at La Vaguada mall in Madrid and a remodeled Milton Keynes outlet in the UK, have been delayed as well.

For more, read Mark Gurman's newsletter that also highlights new Sonos products and the 6G standard, even though it's six or more years out.