JPMorgan Chase takes over the Apple Card

Apple announcement today, JPMorgan Chase will be the new issuer of the Apple Card. The official news arrived shortly after The Wall Street Journal reported that the two companies had reached an agreement regarding Apple’s credit card service. According to the tech company, the transition to the new provider is expected to take around two years, but customers can continue to use their Apple Cards as usual during the interim. Apple has already released a FAQs about the change, but the main takeaway is that the status quo currently continues and customers will receive information at a later date if action is required. Mastercard will remain the Apple Card payment network under the new partnership.

Goldman Sachs was Apple’s collaborator when it spear the Apple Card in 2019. We saw signs for a few yearshowever, that Goldman Sachs was looking for a way out of this arrangement. Apple hasn’t released many details about current or future offers for its credit card, but the WSJ the report claims that negotiations with JPMorgan Chase have been ongoing for over a year. Sources told the publication that Goldman Sachs was offloading approximately $20 billion in outstanding client balances at a discount of more than $1 billion.