TL;DR
Apple announced that JPMorgan Chase will replace Goldman Sachs as issuer of the Apple Card, with the migration expected to take up to 24 months. The card will continue to run on the Mastercard network and customers should see no immediate changes.
What happened
Apple revealed that JPMorgan Chase will take over as the issuing bank for the Apple Card, replacing Goldman Sachs. The company said the handover could stretch as long as two years. During the transition the Apple Card will keep using Mastercard for payment processing, and Apple indicated there are no immediate changes for current cardholders or new applicants. JPMorgan told investors the arrangement would bring more than $20 billion in card balances to Chase. Reporting from The Wall Street Journal said Goldman Sachs is selling that portfolio at roughly a $1 billion discount, and Goldman signaled it expects to record a $2.2 billion provision for credit losses in the fourth quarter of 2025 tied to a forward purchase commitment. The Apple Card was originally launched in 2019 with Goldman Sachs and includes tiered daily cashback rewards.
Why it matters
- Shifts the banking partner behind a major fintech product, altering where credit exposure and balances sit.
- Affects the balance sheets and credit provisioning of the banks involved, with Goldman signaling a large provision.
- Maintains continuity for consumers by keeping the Mastercard network and no immediate changes to applications or accounts.
- Illustrates the evolving relationships between large banks and technology companies in consumer finance.
Key facts
- Apple announced JPMorgan Chase will replace Goldman Sachs as the Apple Card issuer.
- Apple estimates the transition could take up to 24 months.
- The Apple Card will continue to use the Mastercard network for payments.
- Apple said there are no immediate changes for current cardholders or new applicants.
- JPMorgan said the deal brings more than $20 billion in card balances to Chase.
- The Wall Street Journal reported Goldman is offloading the balances at about a $1 billion discount.
- Goldman Sachs expects a $2.2 billion provision for credit losses in Q4 2025 tied to a forward purchase commitment.
- Apple launched the Apple Card in 2019 in partnership with Goldman Sachs.
- The card offers up to 3% daily cashback at Apple and select partners, 2% for Apple Pay purchases, and 1% for the physical card.
What to watch next
- Whether the 24‑month window produces a phased migration plan and specific customer timelines: not confirmed in the source.
- If JPMorgan changes card terms, rewards or fees once it fully assumes issuance: not confirmed in the source.
- Regulatory approvals or other conditions required to complete the transfer: not confirmed in the source.
Quick glossary
- Card issuer: The bank or financial institution that provides a credit card account, manages credit risk and handles account servicing.
- Payment network (Mastercard): A network that routes transactions between merchants, card issuers and banks to process payments and settle funds.
- Cashback: A rewards feature that returns a percentage of a cardholder’s spending to their account as a rebate.
- Provision for credit losses: An accounting reserve banks set aside to cover expected losses from borrowers who may not repay debts.
- Forward purchase commitment: An agreement that can require a future purchase or transfer of assets, sometimes creating contingent financial exposure.
Reader FAQ
Will Apple Card users see changes to their accounts right away?
Apple said nothing is changing at the moment for current cardholders or those applying for new cards.
How long will the issuer transition take?
Apple expects the transition to take up to 24 months.
Will the payment network change?
No. The Apple Card will continue to operate on the Mastercard network.
Did Goldman Sachs take a financial hit from this transfer?
The Wall Street Journal reported the portfolio was sold at about a $1 billion discount, and Goldman expects a $2.2 billion provision for credit losses in Q4 2025 tied to a forward purchase commitment.
Will interest rates, fees or rewards change after the switch?
not confirmed in the source
IN BRIEF Posted: 10:31 PM PST · January 7, 2026 IMAGE CREDITS: APPLE Ivan Mehta JPMorgan Chase becomes the new issuer of the Apple Card Apple announced Wednesday that JPMorgan…
Sources
- JPMorgan Chase becomes the new issuer of the Apple Card
- Chase to become new issuer of Apple Card
- JPMorgan Chase Reaches Deal to Take Over Apple Credit …
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