Apple has officially announced that JPMorgan Chase will become the new issuer of the Apple Card, taking over from Goldman Sachs. This significant shift in Apple's financial services partnership is expected to unfold over the next 24 months, marking a new chapter for the popular credit card.
Despite the change in banking partners, the core experience for Apple Card users will remain largely consistent. The card will continue to operate on the Mastercard payment network, and consumers, including those applying for new cards, will see no immediate alterations to their service or benefits during this transition period.
The deal carries substantial financial implications for both banking giants. JPMorgan Chase anticipates that the acquisition will bring over $20 billion in card balances to its Chase portfolio. Conversely, The Wall Street Journal reported that Goldman Sachs is offloading this considerable amount at a $1 billion discount. Furthermore, Goldman Sachs projects a $2.2 billion provision for credit losses in the fourth quarter of 2025, directly related to its forward purchase commitment for the Apple Card portfolio.
Speculation regarding the potential end of the Apple-Goldman partnership has been circulating for several years. Last year, The Wall Street Journal was among the first to report that JPMorgan was in discussions to become Apple's new credit card partner, setting the stage for today's announcement.
Apple originally launched its credit card in 2019 in collaboration with Goldman Sachs, distinguishing itself with a consumer-friendly approach that included no late fees or penalty interest rates. The Apple Card offers a tiered daily cashback program:
- Up to 3% daily cashback on purchases made directly from Apple and select partner merchants.
- 2% daily cashback when using Apple Pay for transactions.
- 1% daily cashback for purchases made with the physical titanium card.
