JPMorgan Chase Replaces Goldman Sachs as Apple Card Issuer

Apple announced Wednesday that JPMorgan Chase will become the new issuing bank for the Apple Card, replacing Goldman Sachs. Apple said the transition is expected to take up to 24 months to complete.

Despite the change in banking partner, the Apple Card will continue to operate on the Mastercard network. Apple emphasised that there are no immediate changes for cardholders, including those applying for new Apple Cards.

JPMorgan said the agreement will transfer more than $20 billion in Apple Card balances to Chase. According to The Wall Street Journal, Goldman Sachs is exiting the partnership at a $1 billion discount. Goldman also disclosed that it expects to record a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to the forward purchase commitment tied to the Apple Card portfolio.

Speculation about the end of the Apple–Goldman partnership has circulated for several years. In 2025, The Wall Street Journal reported that JPMorgan was a leading contender to take over as Apple’s card-issuing partner.

Apple originally launched the Apple Card in 2019 in partnership with Goldman Sachs, positioning it as a consumer-friendly credit card with no late fees or penalty interest rates. The card offers up to 3% Daily Cash back on purchases from Apple and select partners, 2% cash back when using Apple Pay, and 1% cash back when using the physical card.