Apple and JPMorgan Chase announced that the nation’s largest bank by assets will take over as the issuer of the Apple Card from Goldman Sachs, a change expected to span about 24 months and bring roughly $20 billion in card balances onto Chase’s platform while leaving the Mastercard payment network in place and preserving the card’s existing benefits. Reuters, Apple, and JPMorgan Chase all confirm that everyday users should see no immediate changes to the Apple Card’s features, including 3 % Daily Cash rewards and digital tools, though regulatory approvals are still pending as the transition unfolds. Goldman Sachs is exiting its role in consumer lending and will focus elsewhere, while Chase sees the move as an expansion of its credit card footprint. Apple has said that customers will receive more information closer to the migration dates and that account continuity and reward structures will remain in place throughout. Additional details on how savings accounts linked to Apple Card may be handled are still being clarified.
Sources:
https://www.reuters.com/business/finance/jpmorgan-reaches-deal-take-over-apple-credit-card-wsj-reports-2026-01-07/
https://www.apple.com/newsroom/2026/01/chase-to-become-new-issuer-of-apple-card/
https://www.jpmorganchase.com/ir/news/2026/chase-to-become-new-issuer-of-apple-card
Key Takeaways
• JPMorgan Chase will replace Goldman Sachs as the issuer of the Apple Card over an approximately 24-month transition, absorbing a portfolio worth about $20 billion in outstanding balances.
• The Mastercard network will continue to process Apple Card transactions, and card benefits such as Daily Cash and digital-wallet features are expected to remain unchanged for users for now.
• Goldman Sachs is retreating further from consumer lending, while Chase expands its credit card business, subject to regulatory approvals and customary closing conditions.
In-Depth
In a strategic reshuffle of one of the most visible co-branded credit card programs in the United States, Apple and JPMorgan Chase have jointly announced that Chase will take over as the issuer of the Apple Card. Effective over an approximately 24-month transition period, this move marks a significant shift in the partnership ecosystem around Apple’s financial services. JPMorgan Chase, already the nation’s largest credit card issuer, will absorb about $20 billion in card balances currently serviced by Goldman Sachs. This expansion fits neatly into Chase’s broader strategy of deepening its consumer lending footprint at a time when competition in the credit-card industry remains intense.
For Apple Card holders, the day-to-day experience is not expected to change in the near term. Mastercard will continue as the card’s payment network, ensuring that existing 3 % Daily Cash rewards, Apple Pay integration, and mobile-first tools remain intact while the migration unfolds. Apple has committed to keeping customers informed as more specifics emerge, emphasizing continuity of service. From Goldman’s perspective, exiting the Apple Card program is a continuation of its broader retreat from consumer banking as it refocuses on core investment and wealth management operations.
Regulatory approvals are one of the key remaining hurdles before the transition is complete, but both companies frame the deal as a win: Apple secures a partner with unmatched scale in consumer credit, and Chase gains a premium, well-adopted card product to bolster its already dominant position in the credit-card market. Overall, this change illustrates how major financial institutions continue to reposition themselves amid evolving competitive dynamics and consumer expectations.