Apple announced on Wednesday that JPMorgan Chase is the new issuer of the Apple Card, replacing Goldman Sachs. Apple stated that the transition will likely take up to 24 months to complete.
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 the deal would bring over $20 billion in card balances to Chase. It was noted that Goldman Sachs is offloading this amount at a one billion dollar discount. Goldman Sachs said that for the fourth quarter of 2025, it expects a 2.2 billion dollar provision for credit losses related to the forward purchase commitment.
News that the Apple and Goldman Sachs partnership would end has been circulating for a few years now. Last year, it was reported that JPMorgan was in line to become Apple’s new partner.
Apple launched its credit card in 2019 in partnership with Goldman Sachs. The card was introduced without late fees or penalty interest rates. It offers up to three percent daily cashback on purchases from Apple and other select partners, two percent cashback from using Apple Pay, and one percent cashback from using the physical card.