JPMorgan Chase becomes 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 could take up to 24 months.

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

JPMorgan said the deal would bring more than $20 billion in bank card revenue to Chase. The Wall Street Journal he found out that Goldman Sachs is discounting this investment at a price of $1 billion. Goldman Sachs said in the fourth quarter of 2025, it expects to be charged $2.2 billion in loan losses related to forward purchase commitments.

News that the Apple-Goldman deal will end has been around for a few years now. Last year, and the Wall Street Journal he said JPMorgan was in line to become Apple’s new partner.

apple launched a credit card in 2019 in partnership with Goldman Sachs with no late fees or interest. The card offers up to 3% daily cash back on purchases from Apple and other select partners; 2% using Apple Pay; and 1% using a physical card.