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Srinivasa Reddy Kandi: JPMorgan Chase Takes Over as Issuer of the Apple Card

January, 21, 2026-05:52

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JPMorgan Chase Takes Over as Issuer of the Apple Card:

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

Despite the change in banking partner, the Apple Card will continue to operate on the Mastercard payment network. Apple said there will be no immediate changes for customers, including those applying for new cards.

JPMorgan stated that 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 by selling off this portfolio at a $1 billion discount. Goldman also disclosed that it expects to record a $2.2 billion credit loss provision in the fourth quarter of 2025 related to its forward purchase commitment.

Speculation about the end of Apple’s partnership with Goldman Sachs has circulated for several years. In 2024, The Wall Street Journal reported that JPMorgan was the leading candidate to take over as Apple’s card-issuing partner.

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

Author: Kandi Srinivasa Reddy, Srinivasa Reddy Kandi, #KandiSrinivasaReddy, #SrinivasaReddyKandi