Apple announced Wednesday that JPMorgan Chase is the new issuer of the Apple Card, replacing Goldman Sachs. Apple said that the transition will likely take up to 24 months.
While Apple is changing its banking partner, the Apple Card will continue to use the Mastercard network for payments. For consumers, nothing is changing at the moment, including for those applying for new cards.
JPMorgan said that the deal would bring over $20 billion in card balances to Chase. The Wall Street Journal noted that Goldman Sachs is offloading this amount at a $1 billion discount. Goldman Sachs said that for the fourth quarter of 2025, it expects a $2.2 billion provision for credit losses related to the forward purchase commitment.
News that the Apple-Goldman partnership would end has been swirling around for a few years now. Last year, the Wall Street Journal reported that JPMorgan was in line to become Apple’s new partner.
Apple launched its 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 the physical card.