JPMorgan Chase Takes Over as New Issuer of the Apple Card from Goldman Sachs
JPMorgan Chase will become the new issuer of the Apple Card, replacing Goldman Sachs in a transition that may take up to two years.
Even though there is a new banking partner, the Apple Card will still use the Mastercard network for payments. For now, nothing will change for customers, including those who want to apply for new cards.
JPMorgan said this new deal will bring over $20 billion in card balances to Chase. According to the Wall Street Journal, Goldman Sachs is giving up this amount at a $1 billion discount. Goldman Sachs also noted that it expects a $2.2 billion provision for credit losses in the fourth quarter of 2025.
People have talked about the end of the Apple-Goldman partnership for a few years. Last year, reports from the Wall Street Journal said that JPMorgan was set to become Apple’s new partner.
Apple started its credit card in 2019, working with Goldman Sachs. The card does not have late fees or penalty interest rates. It offers up to 3% daily cashback on purchases from Apple and other specific partners, 2% cashback when using Apple Pay, and 1% cashback with the physical card.