Apple announced Wednesday that JPMorgan Chase is the new issuer of the Apple Card, replacing Goldman Sachs. Apple says the transition will take up to 24 months.
When Apple changes banking partners, Apple Card will continue to use the Mastercard network for payments. For consumers, nothing is changing now, including those applying for new cards.
JPMorgan said the deal would bring more than $20 billion in card balances to Chase. The Wall Street Journal noted that Goldman Sachs released the amount at a discount of $1 billion. Goldman Sachs said that for the fourth quarter of 2025, it expects to make a $2.2 billion provision for credit losses related to forward purchase commitments.
News that the Apple-Goldman partnership will end already has been swirling around for a few years now. last year, Wall Street Journal reported that JPMorgan is in line to become Apple’s new partner.
Apple launched a credit card in 2019 in partnership with Goldman Sachs without late fees or penalty interest rates. The card offers up to 3% daily cashback on purchases from Apple and other select partners; 2% from using Apple Pay; and 1% from using physical cards.