JPMorgan Chase has become the new issuer of the Apple Card

Apple announced on Wednesday that JPMorgan Chase is the new issuer of the Apple Card, replacing Goldman Sachs. Apple said the transition will likely take up to 24 months.

While Apple changes its banking partner, Apple Card will continue to use the Mastercard network for payments. For consumers, nothing changes at the moment, including those applying for new cards.

JPMorgan said the deal would bring more than $20 billion in card balances to Chase. The Wall Street Journal indicated that Goldman Sachs is offloading this amount at a discount of $1 billion. Goldman Sachs said that for the fourth quarter of 2025, it expects a $2.2 billion provision for credit losses related to forward purchase commitments.

News that the partnership between Apple and Goldman is ending has been circulating for a few years now. Last year, the Wall Street Journal reported that JPMorgan was poised to become Apple’s new partner.

Apple launched its credit card in 2019 in partnership with Goldman Sachs with no late fees or penalty interest rates. The card offers up to 3% daily cash back on purchases from Apple and select other partners; 2% of Apple Pay usage; And 1% of the physical card usage.