JPMorgan Chase Takes Over Apple Card From Goldman Sachs

Apple officially announced on Wednesday that JPMorgan Chase will replace Goldman Sachs as the new issuer of the Apple Card, initiating a transition period expected to take up to 24 months.

What the JPMorgan Transition Means for Cardholders

Despite the massive shift behind the scenes, cardholders will experience no immediate disruptions. The Apple Card will continue to operate on the Mastercard payment network, and current terms remain unchanged for both existing users and new applicants.

The Financial Terms of the Goldman Sachs Exit

The transition represents a massive portfolio shift, bringing more than $20 billion in credit card balances to Chase. To facilitate the exit, Goldman Sachs is offloading these assets at a steep $1 billion discount, according to The Wall Street Journal. Consequently, Goldman Sachs anticipates a $2.2 billion provision for credit losses in the fourth quarter of 2025 tied to the forward purchase commitment.

A Long-Anticipated Banking Shakeup

This high-profile divorce has been in the making for quite some time. Speculation surrounding the end of the Apple-Goldman partnership has circulated for years, with The Wall Street Journal reporting as early as last year that JPMorgan Chase was the frontrunner to secure the contract.

The Legacy of the Apple Card

First introduced in 2019 in partnership with Goldman Sachs, the Apple Card disrupted the credit industry by eliminating late fees and penalty interest rates. The financial product remains popular for its competitive rewards structure, which offers up to 3% daily cash back on Apple and select partner purchases, 2% on transactions made via Apple Pay, and 1% when utilizing the physical titanium card.