WSJ News Exclusive | Goldman Sachs Is Vying for JetBlue’s Credit-Card Business

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Goldman Sachs is talking to JetBlue Airways about taking over its credit-card program, the latest effort from the Wall Street firm to push deeper into consumer finance

As of December, outstanding balances on Goldman’s credit cards totaled $4.3 billion, more than double their level the year before. The bank expects to add about $2 billion in GM credit-card balances when that deal closes in September. That is still small compared with the big card issuers. JPMorgan Chase & Co. had $144 billion in credit-card balances as of the fourth quarter 2020.

Airline co-branded cards are among the most competitive in the credit-card industry. While there are hundreds of retailers that banks could partner with to offer credit cards, there are a limited number of U.S. airlines. The cards have historically appealed to banks because they attracted big-spending frequent travelers.

 

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