Apple Inc is in talks with JPMorgan Chase over possibly moving the credit card program in which Apple is the leading partner from Goldman Sachs, a person familiar with the talks said. The negotiation is still preliminary, and several key matters – among them, pricing and whether any features of the Apple Card will remain the same – are still undetermined.

This decision reflects how few choices Apple has in alignment with Goldman Sachs subsequent strategic withdrawal from its retail banking ventures, which have presented considerable setbacks. Losses and regulatory agencies have dogged the Apple Card program, making it important to find a new issuer. JPMorgan is, after all, the biggest credit card issuer in the U.S. by purchase volume.

The Apple Card, according to reports, would sell its almost $17 billion in loans at a discount value to JPMorgan. This is due to the fact that the portfolio has higher loss rates. Insiders at Goldman argue that the above average delinquencies and the defaults are primarily from new account holders who are supposed to drop with time. However, the latest concerns about credit quality have only rendered the portfolio less appealing in the context of a presaging economic slowdown.

JPMorgan is also planning to remove calendar-based billing from the Apple Card, which currently delivers all customers’ billing statements at the beginning of every month. Though the system is preferable by customers, it does create a last-day-of-the-month onrush of customer service inquiries, which affects the support resources.

Apple and JPMorgan have said nothing regarding any current negotiations. However, the Wall Street Journal initially reported the talks, and those discussions are now left to wait for conclusions about how this will shape both concerns and their customer base.

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