Apple Confirms Chase Will Replace Goldman Sachs as Apple Card Issuer

Apple and Chase confirmed today that Chase will take over as the new issuer for the Apple Card. The transition from current partner Goldman Sachs is expected to take approximately 24 months to complete.



For current cardholders, the message is that nothing changes immediately. Apple confirmed that users can continue using their cards without interruption during the transition period. Mastercard will remain the payment network, ensuring global acceptance is not affected, and the card's signature features—including its no-fee structure and Daily Cash rewards—are staying in place. Apple also confirmed that new users can continue applying for Apple Card during the transition.


According to the Wall Street Journal, Chase will assume roughly $20 billion in outstanding Apple Card balances, with Goldman Sachs taking a loss of more than $1 billion on the portfolio. Credit card portfolios typically trade at a premium, making the size of the discount unusual. The report attributes the write-down to higher delinquency rates and greater exposure to subprime borrowers, factors that reportedly slowed negotiations with other potential partners.

The high-yield Savings account could also see changes. The Wall Street Journal reports that JPMorgan plans to introduce a new Apple savings product rather than absorbing existing accounts. Consumers with funds currently held at Goldman Sachs would reportedly need to decide whether to transfer their money to the new Chase account or keep it with Goldman. Apple's statement notes only that users will continue to have access to savings features, with additional details to be shared later.

Apple says existing Apple Card balances will remain with Goldman Sachs during the transition and will move to Chase once the process is complete. Goldman will continue servicing Apple Card accounts until the transition concludes. Apple also confirmed that users do not need to reapply for a new card, manage their account in a new app, or take any action to migrate their account. Management will continue through the Wallet app and card.apple.com. Once the transition is finalized, users' credit reports will update to list Chase as the issuing bank.

Reports first surfaced in late 2023 that Apple was moving to end the partnership. Goldman CEO David Solomon later acknowledged the arrangement had become a financial drag, while reports indicated the bank lost billions on its consumer lending business. While Apple held talks with other potential partners, including Barclays and Synchrony, JPMorgan Chase emerged as the frontrunner last year.


Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, said Chase shares the company's commitment to innovation and delivering products that enhance consumers' lives.

Apple has launched a site at learn.applecard.apple/transition to answer customer questions. The companies said additional details on the migration process will be shared as the transition date approaches.