According to CNBC, Citigroup was also in discussions with Apple for their newly launched credit card; the bank pulled out citing concerns over it being a profitable partnership; JP Morgan Chase, Barclays and Synchrony also apparently bid on the business; a Forrester analyst stated, “There’s a danger for any bank entering deals like this from a profitability standpoint…Increasingly, they’re wary of co-branding deals when it seems likely that the partner firm is the `cooler’ brand. They’ll consider making a deal with a company like Apple or Uber, but the danger is that the economic gains underwhelm.” Source