JPMorgan Chase Assumes Control of Apple Card from Goldman Sachs
In a significant reshuffling of the credit card industry, JPMorgan Chase has officially sealed a deal to become the new issuer of the Apple Card, taking the reins from Goldman Sachs in a transition projected to span approximately 24 months.
The agreement, unveiled on January 7, 2026, transfers over $20 billion in card balances to Chase’s platform. However, Goldman Sachs is unloading the portfolio at a markdown exceeding $1 billion. To account for potential credit risks, JPMorgan Chase will earmark a $2.2 billion provision for credit losses in its fourth-quarter 2025 earnings.
During the transition, Apple Card customers can carry on using their cards as usual, with all existing perks preserved, including up to 3% Daily Cash back on purchases. Mastercard will continue to serve as the payment network for the card. The portfolio reportedly houses more subprime and lower-credit borrowers than JPMorgan typically caters to, a factor that influenced Goldman Sachs’ decision to withdraw from the consumer banking business after incurring over $7 billion in losses since 2020.
Already the nation’s largest credit card issuer by purchase volume, JPMorgan Chase will also introduce an Apple Savings account as part of the broadened alliance with the tech behemoth.
Sources: Apple Newsroom | CNBC