JPMorgan Chase Takes Over as New Issuer of the Apple Card, Replacing Goldman Sachs
On January 7, 2026, Apple officially announced that JPMorgan Chase has become the new issuer of the Apple Card, ending the company’s multi-year partnership with Goldman Sachs. The transition from Goldman Sachs to JPMorgan Chase is expected to unfold over the next 24 months. Despite the change in banking partners, the Apple Card will continue to operate on the Mastercard payment network, ensuring a seamless experience for current and future cardholders.
Transition Details and Impact on Consumers
Apple assured customers that the switch to JPMorgan Chase as the card issuer will not affect the day-to-day use or application process for the Apple Card at this time. Cardholders will maintain access to the same benefits they have come to expect, including the card’s distinctive cashback rewards program. This includes up to 3% daily cashback on purchases from Apple and select partners, 2% cashback on transactions made via Apple Pay, and 1% on purchases made with the physical card.
Financial Implications for Goldman Sachs and JPMorgan Chase
According to JPMorgan Chase, the new agreement involves the transfer of more than $20 billion in existing card balances to the bank. The Wall Street Journal reported that Goldman Sachs is offloading this portfolio at a $1 billion discount. Goldman Sachs is also anticipating a $2.2 billion provision for credit losses related to the forward purchase commitment, which is expected to impact its fourth-quarter 2025 financials.
Background and Industry Context
The Apple Card, launched in 2019, was originally issued in collaboration with Goldman Sachs. It was notable for its innovative approach that excluded late fees and penalty interest rates, distinguishing it in the competitive credit card market.
Rumors about a potential end to the Goldman Sachs-Apple partnership have circulated for several years, with reports last year from The Wall Street Journal suggesting JPMorgan Chase was poised to become Apple’s new partner. The formal confirmation now concludes speculation and marks a significant shift in the fintech and credit card landscape.
Looking Ahead
As JPMorgan Chase begins this transition, industry observers will be watching closely to see how the change influences Apple Card’s growth and user experience. For consumers, the transition is designed to be invisible, maintaining the same attractive features and Mastercard-backed infrastructure that have made the Apple Card a popular choice among tech-savvy credit users.
Apple continues to innovate in financial services, with the Apple Card playing a key role in its expanding ecosystem. This partnership with JPMorgan Chase may signal further enhancements and developments in the card’s offerings in the near future.
Topics: Apple, Apple Card, Fintech, Goldman Sachs, JPMorgan Chase
Source: TechCrunch, The Wall Street Journal