JPMorgan Chase takes over as Apple Card issuer
Apple announced Wednesday that JPMorgan Chase will become the new issuer of the Apple Card, taking over from Goldman Sachs.
Apple said the transition process could take up to 24 months, News.Az reports, citing foreign media.
Despite the change in banking partner, the Apple Card will continue to use the Mastercard network for payments. For consumers, nothing will change at present, including the application process for new cards.
JPMorgan said the deal will bring over $20 billion in card balances to Chase. The Wall Street Journal reported that Goldman Sachs is offloading this amount at a $1 billion discount. Goldman Sachs also said it expects a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to the forward purchase commitment.
Speculation about the end of the Apple-Goldman partnership has circulated for several years. Last year, the Wall Street Journal reported that JPMorgan was positioned to become Apple’s new banking partner.
Apple launched the credit card in 2019 in collaboration with Goldman Sachs. The card is notable for having no late fees or penalty interest rates and offers rewards including up to 3% daily cashback on purchases from Apple and select partners, 2% when using Apple Pay, and 1% when using the physical card.
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