Apple has announced that JPMorgan Chase will take over as the issuer of its Apple Card, ending a three‑year partnership with Goldman Sachs. The transition is slated to take up to 24 months, during which Goldman Sachs will continue to service cardholders and manage the existing $20 billion balance sheet until the migration is complete. Mastercard will remain the payment network for the card, and all current benefits—including a 3 % Daily Cash reward and a no‑fee structure—will be preserved.
The deal reflects Apple’s strategy to partner with a large‑scale, established bank that can absorb the credit‑risk exposure while Apple retains control over product design and the user experience. By moving to JPMorgan, Apple reduces its direct balance‑sheet risk and positions itself to scale the program more efficiently as the card’s user base grows.
For Goldman Sachs, the transaction marks a decisive exit from consumer banking. The sale of the Apple Card portfolio is expected to release $2.48 billion in loan‑loss reserves, boosting fourth‑quarter 2025 earnings per share by roughly $0.46. The bank will also receive a discount of more than $1 billion on the $20 billion balance, providing a significant one‑time financial benefit.
JPMorgan Chase, already the largest U.S. credit‑card issuer by purchase volume, will absorb the Apple Card portfolio and is expected to launch a new Apple‑branded savings account as part of the expanded partnership. The move strengthens JPMorgan’s consumer franchise and gives it access to a loyal, tech‑savvy customer base that can be cross‑sold additional banking products.
Regulatory approval is required from the Federal Reserve, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau. While the exact timeline for approvals is not yet disclosed, the parties have indicated that the process is expected to proceed without significant delays.
Management comments underscore the strategic fit: Apple’s vice president of Apple Pay and Apple Wallet, Jennifer Bailey, said the partnership “shares our commitment to innovation and delivering products and services that enhance consumers’ lives.” JPMorgan’s CEO of Card & Connected Commerce, Allison Beer, added that the collaboration “will deepen our relationship and allow us to innovate together in the future.”
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