There will be a new bank for Apple Card accounts. Apple has said that JPMorgan Chase will take over as the issuer of the popular credit card from Goldman Sachs. People who already have cards can keep using them as usual. The full changeover will take about two years to finish. The change marks the end of a long-awaited shift. Goldman Sachs has been trying to exit the consumer credit business for a while now. They teamed up with Apple to launch the Apple Card in 2019.
A Wall Street Journal report says talks have been underway for more than a year for JPMorgan Chase to take over the portfolio. The deal’s financial terms were not made public. But sources say Goldman Sachs is writing off about $20 billion in unpaid customer bills. The settlement is part of a broader plan to back away from its retail banking ambitions.
For the millions of people who have an Apple Card, the immediate effect will be small. Apple has said that customers don’t need to do anything right now. The card’s main features, such as Daily Cash rewards, the Titanium physical card, and the ability to track your finances in the Wallet app, will remain the same. Mastercard will still be the payment network.
The process of switching all accounts is expected to take until 2025. Apple will let customers know directly when they need to do something. In the future, this could mean getting new card materials or changing how automatic payments are set up.
This partnership is a big step forward for JPMorgan Chase’s co-branded card business. It has extensive experience with card services and a large customer base. Analysts think this will help the Apple Card program stay stable with an experienced issuer. The official Apple Card customer FAQ provides the most up-to-date information on the transition timeline.
