Chase to Take Over Apple Credit Card from Goldman Sachs — Major Shift in Consumer Finance

Introduction

JPMorgan Chase & Co. is set to become the new issuer of the Apple Card, taking over the credit-card portfolio from Goldman Sachs Bank USA in a strategic transaction that underscores shifting priorities in consumer banking and reflects both institutions’ evolving business strategies. The transition is expected to take about 24 months and will bring over $20 billion in outstanding Apple Card balances onto Chase’s platform.

The move marks the end of a partnership between Apple and Goldman Sachs that began in 2019, while positioning Chase — the U.S.’s largest banking institution — as a leading player in Apple’s expanding financial services ecosystem.

Deal Details and Timeline

Under the agreement announced by Apple and Chase, JPMorgan Chase will replace Goldman Sachs as the issuer of the Apple Card, although Mastercard will remain the payment network for the card throughout and after the transition.

Key Points of the Transition

• Transition Period: The change is expected to take approximately 24 months, subject to regulatory approvals.
• Portfolio Size: The deal includes an estimated $20 billion in outstanding Apple Card balances.
• User Experience: Apple emphasized that cardholders can continue using the Apple Card normally during the transition, including enjoying features like up to 3% Daily Cash rewards, intuitive spending tools, Apple Card Family, and Apple Card Monthly Installments (ACMI).
• Savings Accounts: Apple Card holders also have access to high-yield savings accounts — a feature that will continue throughout the migration period, with further details to be shared by Apple as the transition nears.

Importantly, there are no immediate changes for consumers now; rather, the transition will proceed gradually with clear communication to customers before any operational shifts occur.

Why Chase Is Taking Over

The deal reflects broader strategic moves by both Goldman Sachs and JPMorgan Chase:

Goldman Sachs Retreats from Consumer Banking

Goldman has been scaling back its consumer banking ambitions after significant financial losses in that division, including a costly venture into retail banking with the Apple Card. Exiting the Apple Card partnership allows Goldman to refocus on its strengths in global banking and markets, asset & wealth management, and institutional services.

Though Goldman will recognize a boost to earnings — an estimated increase of about 46 cents per share in its fourth quarter 2025 results due to released loan loss reserves — the move also results in a revenue reduction as the firm sells the portfolio at a discount.

Chase Expands Consumer Finance Footprint

For Chase, taking over the Apple Card is a major strategic win — broadening its credit card franchise even further and solidifying its leadership in consumer finance.

JPMorgan’s CEO Jamie Dimon has long championed a strong card business, and this deal not only adds a significant co-brand portfolio to Chase’s books but also deepens its relationship with Apple, a key partner in digital payments and wallet services.

Chase is expected to recognize a provision for credit losses — roughly $2.2 billion in Q4 2025 — linked to the forward purchase commitment, reflecting prudent risk accounting ahead of the transition.

What It Means for Cardholders

Apple has reassured users that their card functionality and benefits won’t change immediately. Key features that remain intact include:

• Up to 3% unlimited Daily Cash on eligible purchases
• No fees (annual, late, or foreign transaction fees)
• Seamless integration with Apple Wallet and Apple Pay
• Apple Card Family and shared accounts
• Monthly Installment plans (ACMI) for Apple purchases

During the transition, cardholders can continue to use their cards normally, with Mastercard’s payment network and existing user experience remaining in place through the handover period.

Apple says it will communicate further details directly to customers as the transition unfolds.

Industry Impact and Strategic Implications

1. A Sign of Evolving Bank-Tech Partnerships

The Apple Card was originally launched in 2019 as a joint initiative between Apple and Goldman Sachs — a high-profile example of how tech companies have partnered with banks to enter financial services. The handover to Chase illustrates how such partnerships must adapt as strategies and market conditions change.

2. Chase Reinforces Credit Card Leadership

JPMorgan Chase already commands one of the largest credit card businesses in the U.S. Taking on the Apple Card portfolio reinforces that position and expands its reach into premium co-brand products tied to one of the world’s most valuable consumer brands.

3. Reflects Consumer Banking Shifts at Goldman

Goldman’s exit from Apple Card highlights a broader shift in its consumer finance strategy, centering its operations more firmly on institutional and investment services after challenging results in retail products.

Conclusion

JPMorgan Chase’s agreement to take over the Apple Card from Goldman Sachs marks a pivotal moment in co-brand credit card partnerships and in the relationship between technology firms and traditional banks. As the transition takes place over the next couple of years, Chase will absorb a major card portfolio and deepen its strategic relationship with Apple, while Goldman continues its broader retreat from consumer finance. Cardholders can expect continuity of features and benefits throughout the transition, with more updates to come as the handover progresses.

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