TL;DR
Apple announced Wednesday evening that JPMorgan Chase will take over as the issuer of the Apple Card, replacing Goldman Sachs. Goldman Sachs had been the card’s banking partner since its 2019 launch, and the change follows the bank’s ongoing retreat from consumer lending.
What happened
On Wednesday evening, Apple said JPMorgan Chase will become the new issuer of the Apple Card, taking over the role previously held by Goldman Sachs. Goldman Sachs had served as the backing bank for Apple’s credit card product since it launched in 2019. The announcement ends several years of speculation about whether Apple would shift its card partnership. The change comes as Goldman Sachs continues steps to reduce its consumer-lending footprint, a dynamic noted alongside the issuer swap. The source does not provide details on the timing of the transition, whether existing cardholders will see changes to account terms or features, nor any specifics on how the operational handover will be executed.
Why it matters
- It marks a change in the banking partner for a high-profile tech-finance product introduced in 2019.
- The move is reported in the context of Goldman Sachs’ ongoing pullback from consumer lending.
- The announcement resolves multi-year speculation about a potential new issuer for Apple Card.
Key facts
- Apple announced the issuer change on a Wednesday evening.
- JPMorgan Chase will become the new issuer of the Apple Card.
- Goldman Sachs is being replaced as the Apple Card’s issuing bank.
- Goldman Sachs had backed Apple’s credit card since its 2019 launch.
- The issuer change ends speculation that had persisted for several years.
- Goldman Sachs’ exit from consumer lending is ongoing, per the source.
- Details about the transition timeline are not confirmed in the source.
- Whether card terms, benefits, or customer experiences will change is not confirmed in the source.
What to watch next
- Timeline and mechanics for switching issuing banks — not confirmed in the source.
- Any announced changes to Apple Card terms, rewards, or fees — not confirmed in the source.
- Communications and transition plan for existing Apple Card holders — not confirmed in the source.
Quick glossary
- Credit card issuer: A financial institution that provides credit accounts to customers and is legally responsible for account terms and billing.
- Apple Card: A branded credit card product introduced by Apple in partnership with a bank, used for consumer purchases and services.
- Consumer lending: Financial services that provide individuals with loans or credit products for personal, non-business use.
- Issuing bank: The bank that issues a credit card, manages the account, and handles underwriting and regulatory responsibilities.
Reader FAQ
Who is becoming the new issuer of the Apple Card?
JPMorgan Chase will become the new issuer of the Apple Card.
Who was the previous issuer?
Goldman Sachs had been the issuer since the Apple Card’s 2019 launch.
When will the change take effect and how will it affect cardholders?
Not confirmed in the source.
Why is Apple switching partners?
The source notes Goldman Sachs has been reducing its consumer-lending activities, but specific reasons for the switch are not confirmed in the source.
On Wednesday evening, Apple announced that JPMorgan Chase will become the new issuer of Apple Card, replacing Goldman Sachs, which has backed the company's credit cards since their launch in…
Sources
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