JPMorgan Tests Card Approval Partnerships
JPMorgan explores private credit firms to approve rejected card applicants.
In brief
JPMorgan explores private credit firms to approve rejected card applicants. JPMorgan may partner with private credit firms to approve credit card applicants it rejects, easing tensions with merchants. Originally reported by Pymnts.
JPMorgan's card rejection issue
Jpmorgan rejects credit card applicants more often than merchants want.
“J.P. Morgan Chase is reportedly exploring whether other funding sources could approve some of the cards it rejects”
Private credit partnership plan
Jpmorgan seeks private credit firms for second-look applications.
“the bank sent requests to several companies to gauge interest in second-look applications”
Merchant tensions
United Airlines and other merchants face higher rejection rates from jpmorgan.
“J.P. Morgan’s rejection rates have led to a strain between it and United Airlines”
Apple card transition
Jpmorgan takes over apple card issuance from goldman sachs.
“J.P. Morgan will eventually become the issuer for the Apple Card, taking over for Goldman Sachs”
Private credit expansion
Private credit firms gain access to new consumer debt markets.
“teaming with J.P. Morgan would mark a new level of private credit’s acceptance into mainstream finance”
Jpmorgan's response
Jpmorgan denies plans for second-look program.
“a spokesperson for J.P. Morgan told the WSJ the bank has no plans for a second-look program”
The essence
JPMorgan may partner with private credit firms to approve credit card applicants it rejects, easing tensions with merchants.
