Apple Chooses JPMorgan Chase as New Issuer for Apple Card
In a major announcement on Wednesday, Apple revealed that JPMorgan Chase will be taking over as the new issuer of the Apple Card, replacing Goldman Sachs. The transition process is expected to span over the next 24 months.
Despite the change in banking partners, the Apple Card will still utilize the Mastercard network for all payment transactions. This means that for consumers, there will be no immediate impact, including for those looking to apply for new cards.
JPMorgan Chase shared that this new partnership with Apple will bring in over $20 billion in card balances to Chase. According to The Wall Street Journal, Goldman Sachs will be parting ways with this amount at a $1 billion discount. Additionally, Goldman Sachs has projected a $2.2 billion provision for credit losses related to the forward purchase commitment for the fourth quarter of 2025.
Rumors of the Apple-Goldman partnership coming to an end have been circulating for a while now. Last year, the Wall Street Journal reported that JPMorgan was in talks to become Apple’s new financial partner.
The Apple Card was initially launched in 2019 in collaboration with Goldman Sachs, offering unique features such as no late fees or penalty interest rates. Cardholders can enjoy up to 3% daily cashback on purchases made at Apple and select partners, 2% cashback when using Apple Pay, and 1% cashback on transactions made with the physical card.
