Apple has announced that JPMorgan Chase will replace Goldman Sachs as the issuer for its Apple Card credit service. The transition is expected to take about two years, during which customers can continue using their cards without interruption. Mastercard will remain the payment network under the new arrangement.
Apple's credit card, launched in 2019 with Goldman Sachs as its issuing partner, is undergoing a significant change. On January 7, 2026, Apple revealed that JPMorgan Chase would assume the role of issuer, following reports from The Wall Street Journal about a deal between the two companies. Negotiations with JPMorgan have reportedly been ongoing for more than a year, signaling Goldman Sachs's desire to exit the partnership, which had shown signs of strain for several years.
The switch aims to maintain seamless service for users. Apple has emphasized that the status quo will persist during the transition period, with an FAQ published to address common concerns. Customers will be notified if any specific actions are required on their part. While Apple provided limited details on the financial terms, sources cited by The Wall Street Journal indicated that Goldman Sachs is transferring approximately $20 billion in outstanding customer balances to JPMorgan at a discount exceeding $1 billion.
This move reflects evolving dynamics in Apple's financial services expansion. The Apple Card, known for its integration with iOS devices and daily cash back rewards, has grown substantially since its debut. By partnering with JPMorgan, one of the largest banks globally, Apple ensures continuity while potentially benefiting from enhanced banking expertise. The retention of Mastercard as the payment network underscores the stability of the card's backend infrastructure amid the issuer change.
