TL;DR
Apple and JPMorgan Chase said Chase will take over as the issuing bank for Apple Card, with the change expected in about 24 months and subject to regulatory approval. Mastercard will remain the card network; the deal is estimated to move more than $20 billion of balances to Chase and prompted a $2.2 billion credit-loss provision recognition in 4Q25.
What happened
Apple and Chase announced an agreement under which Chase will become the issuer of Apple Card. The companies said the transition is expected to occur in roughly 24 months and requires regulatory approvals before closing. Cardholders are told they can keep using Apple Card as usual during the transition; Mastercard will continue to serve as the payment network. Apple reiterated features of the product, including up to 3 percent Daily Cash, in‑wallet spending tools, Apple Card Family sharing, Apple Card Monthly Installments, and a Savings option that currently involves Goldman Sachs Bank USA. Under the terms disclosed, the purchase would move an estimated over $20 billion in card balances onto Chase’s platform. JPMorgan Chase also said it expects to record a $2.2 billion provision for credit losses in fourth-quarter 2025 related to the forward purchase commitment.
Why it matters
- A change in issuer can affect backend servicing, risk management and the bank responsible for underwriting and collections.
- Cardholders are being assured continuity of core features and Mastercard network benefits during the handover.
- The portfolio size — more than $20 billion in balances — represents a sizable addition to Chase’s credit-card business.
- The announced $2.2 billion provision signals a material near-term accounting impact for JPMorgan Chase tied to the agreement.
Key facts
- Announcement date: January 7, 2026.
- Expected transition timeline: approximately 24 months; closing is subject to regulatory approvals.
- Mastercard will remain the payment network for Apple Card.
- Apple Card features highlighted: up to 3% unlimited Daily Cash, in‑Wallet spending tools, Apple Card Family, monthly installments (ACMI) and an option to deposit Daily Cash into a Savings account.
- Apple Card was introduced in 2019.
- Currently, Apple Card is issued by Goldman Sachs Bank USA, Salt Lake City Branch.
- The portfolio purchase is estimated to bring over $20 billion of card balances to Chase’s platform.
- JPMorgan Chase expects to recognize a $2.2 billion provision for credit losses in 4Q25 related to the forward purchase commitment.
What to watch next
- Regulatory approvals required for the deal and any conditions regulators may impose.
- Timeline and customer communications as the approximately 24‑month transition period progresses.
- Whether operational elements tied to the current issuing bank (for example, Savings account arrangements) will change — not confirmed in the source.
Quick glossary
- Issuer: The bank or financial institution that issues a credit card, handles underwriting and billing, and manages the account relationship.
- Payment network: The card network (e.g., Mastercard) that routes transactions and provides merchant acceptance and network-level benefits.
- Daily Cash: Apple’s branding for the cash-back rewards that are returned to cardholders on eligible purchases.
- Credit card portfolio: The aggregated outstanding balances and accounts that a card issuer services and owns.
Reader FAQ
Will my Apple Card stop working during the transition?
According to the companies, users can continue to use Apple Card as they normally do during the transition.
Who currently issues Apple Card?
Apple Card is currently issued by Goldman Sachs Bank USA, Salt Lake City Branch.
Will Mastercard remain the card network?
Yes. Mastercard will continue to be the payment network for Apple Card.
Will my Savings account provider or Daily Cash deposits change after the move?
Not confirmed in the source.
Join our team 2026 INVESTOR RELATIONS PRESS RELEASES Chase to become new issuer of Apple Card January 07, 2026 Today, Apple and Chase announced that Chase will become the new…
Sources
- Chase to become new issuer of Apple Card
- JPMorgan reaches deal to take over Apple credit card …
- JPMorgan to replace Goldman as Apple Card issuer
- JPMorgan Chase Announces Transition Of Apple Card …
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