JPMorgan Apple Card Issuer Deal Replaces Goldman
JPMorgan Apple Card issuer move replaces Goldman and starts a 24-month migration that shifts a large credit portfolio and highlights JPMorgan provisioning.
KEY TAKEAWAYS
- JPMorgan will replace Goldman as Apple Card issuer and begin a roughly 24-month migration.
- The deal moves more than $20.0 billion in outstanding balances to Chase's platform.
- JPMorgan expects a $2.2 billion credit-loss provision tied to the forward purchase commitment.
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JPMorgan Chase said on Jan. 7, 2026, that it will replace Goldman Sachs Bank USA as issuer of the Apple Card, starting a roughly 24-month transition designed to preserve card features and maintain customer access.
Deal Terms and Timeline
JPMorgan Chase will take over issuance of the Apple Card from Goldman Sachs Bank USA, transferring more than $20 billion in outstanding balances to its platform. The migration will last about two years. Existing cards will remain active throughout, while new cards will be issued gradually. Customers will receive notifications at learn.applecard.apple/transition explaining their options.
Mastercard will continue as the payment network, preserving global acceptance and benefits. The Apple Card, launched in 2019, carries no annual fee and offers up to 3% unlimited Daily Cash on purchases. It supports Apple Card Family, spending tools, and access to a high-yield Savings account. These features will continue uninterrupted during the transition.
Financial and Regulatory Implications
JPMorgan expects to record a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to a forward purchase commitment tied to acquiring the receivables. J.P. Morgan Securities LLC advised Chase on the portfolio transfer.
The transition requires regulatory approvals and coordination with the current issuer and service providers. Apple Card is currently issued by Goldman Sachs Bank USA’s Salt Lake City branch, with Apple Payments Services LLC as the program’s service provider. The companies will work with regulators and partners as the migration proceeds.
Jennifer Bailey, Apple’s vice president for Apple Pay and Apple Wallet, said, "Chase shares our commitment to innovation and delivering products and services that enhance consumers' lives."
