Apple announced Wednesday that JPMorgan Chase will be the new issuer of the Apple Card, taking over from Goldman Sachs. The company mentioned that this transition may take up to 24 months.
Despite the change in banking partners, the Apple Card will keep using the Mastercard network for payments. Currently, there will be no immediate changes for consumers, including those who are applying for new cards.
JPMorgan stated that the deal is set to bring over $20 billion in card balances to Chase. According to the Wall Street Journal, Goldman Sachs is selling this amount at a $1 billion discount. Goldman Sachs also mentioned that it anticipates a $2.2 billion provision for credit losses linked to the forward purchase commitment in the fourth quarter of 2025.
Rumors about the end of the Apple-Goldman partnership have been circulating for a few years now. Last year, the Wall Street Journal reported that JPMorgan was on track to become Apple’s new partner.
Apple introduced its credit card in 2019 in collaboration with Goldman Sachs, featuring no late fees or penalty interest rates. The card provides up to 3% daily cashback on purchases made from Apple and select partners, 2% when using Apple Pay, and 1% for purchases made with the physical card.
