Apple announced Wednesday that JPMorgan Chase is the new issuer of Apple Card, replacing Goldman Sachs. Apple said the change could take up to 24 months.
While Apple is changing its banking partner, Apple will continue to use the MasterCard network for card payments. For consumers, including those applying for new cards, nothing is changing at this time.
JPMorgan said the deal would bring more than $20 billion to Chase’s cards. wall street journal It was noted that Goldman Sachs was selling this amount at a discount of $1 billion. Goldman Sachs said that for the fourth quarter of 2025, it expects to make a $2.2 billion provision for credit losses related to forward purchase commitments.
News that the Apple-Goldman partnership will end has been moving around for the past few yearslast year, wall street journal It was reported that JP Morgan was In line 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 cashback on purchases from Apple and other select partners; 2% when using Apple Pay; And 1% from using physical cards.
