Apple has announced that JPMorgan Chase will take over as the new issuer of the Apple Card, replacing Goldman Sachs. The transition is expected to take up to 24 months. Despite the change in banking partners, Apple Card users will continue using the Mastercard network for payments, and no immediate changes are expected for current cardholders or new applicants.
Apple has confirmed that JPMorgan Chase will replace Goldman Sachs as the issuer of the Apple Card. This switch is part of a transition process that will span up to 24 months.
For users, nothing will change right now. Apple Card will still operate on the Mastercard network, and both existing cardholders and those applying for new cards will experience no immediate differences.
JPMorgan Chase expects to inherit over $20 billion in card balances through this deal, though Goldman Sachs will offload the balances at a $1 billion discount. Goldman Sachs also anticipates a $2.2 billion provision for credit losses in the fourth quarter of 2025 due to this change.
The partnership between Apple and Goldman Sachs, which began in 2019, has been in the news for a potential end for some time. The collaboration, which launched the Apple Card, is now winding down with JPMorgan Chase stepping in as the new partner.
Since its launch, the Apple Card has offered a unique rewards structure, including up to 3% daily cash back on Apple purchases and select partner transactions, 2% when using Apple Pay, and 1% for using the physical card.
With JPMorgan Chase taking over the role of issuing the Apple Card, the core functionality for users will remain unchanged for the time being. The transition is expected to take up to 24 months, with JPMorgan expected to inherit significant card balances, marking a new phase for the Apple Card.