JPMorgan Chase becomes the new issuer of the Apple Card

Apple announced Wednesday that JPMorgan Chase was the new issuer of the Apple Card, replacing Goldman Sachs. Apple said the transition would likely take up to 24 months.

As Apple changes banking partners, the Apple Card will continue to use the Mastercard network for payments. For consumers, nothing changes at the moment, including for those applying for new cards.

JPMorgan said the deal would bring more than $20 billion in card balances to Chase. The Wall Street Journal noted that Goldman Sachs was offloading this amount at a discount of $1 billion. Goldman Sachs said that for the fourth quarter of 2025, it expects a $2.2 billion provision for credit losses related to the forward purchase commitment.

News of the end of the Apple-Goldman partnership has been announced. it’s been running for a few years now. Last year, the Wall Street Journal reported that JPMorgan was poised to become Apple’s new partner.

Apple launched its credit card in 2019 in partnership with Goldman Sachs with no late fees or penalty interest rates. The card offers up to 3% daily cash back on purchases made with Apple and other select partners; 2% thanks to the use of Apple Pay; and 1% of physical card usage.