JPMorgan Chase replaces Goldman Sachs as Apple Card issuer
Apple says JPMorgan Chase will become the new issuer of Apple Card. The transition could take up to 24 months.
On January 7, Apple announced that JPMorgan Chase will replace Goldman Sachs as the issuer of the Apple Card credit card.
What changes?
For cardholders, nothing changes for now. The card stays on the Mastercard network and new customers can still apply. The full transition could take up to 24 months.
The numbers
- JPMorgan says the deal brings more than $20 billion in card balances to Chase
- The Wall Street Journal reports Goldman is offloading them at a $1 billion discount
- Goldman expects a $2.2 billion credit-loss provision in Q4 2025 tied to the deal
About Apple Card
Apple Card launched in 2019 with Goldman. It has no late fees and offers up to 3% daily cash back on Apple purchases, 2% with Apple Pay and 1% with the physical card.
Apple Card is only available in the US.
Founder and editor-in-chief of Kurd Developers. Phone and tech news on YouTube, Instagram and TikTok.
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