After months of negotiations, a major shift is underway in the US credit card market, reshaping partnerships between banks and technology companies.
JPMorgan Chase has reached an agreement to become the new issuer of the Apple credit card, replacing Goldman Sachs, the two banks confirmed in separate statements on Wednesday. The deal brings to a close Goldman’s push into consumer finance and strengthens JPMorgan’s position as a dominant force in retail banking and credit cards.
Under the agreement, JPMorgan will take over more than $20 billion in Apple Card loans from Goldman, which began scaling back its consumer business in 2022. JPMorgan said the transaction is expected to take about 24 months to close and that it will record a $2.2 billion provision for credit losses when it reports its fourth-quarter 2025 earnings next week.
The bank added that existing Apple Card customers will continue to enjoy the same benefits, and the card will keep operating on Mastercard’s network.
“Chase shares our commitment to innovation and delivering products and services that enhance consumers’ lives,” said Jennifer Bailey, Apple’s executive overseeing payments. “We look forward to working together to continue to provide a best-in-class experience.”
The partnership further deepens JPMorgan’s ties with Apple and adds to its reputation as a leader in American finance. Even before this deal, JPMorgan was already the largest credit card issuer in the US by purchase volume.
For Goldman, the move helps close a challenging chapter under CEO David Solomon. The bank entered the credit card space in 2019 with the Apple Card, winning the mandate amid significant attention.
“This transaction substantially completes the narrowing of our focus in our consumer business,” Solomon said in Goldman’s release. “We look forward to continuing to support our customers during the transition to a new issuer as we focus on advancing the strategy we laid out for our core franchises.”
Goldman said the deal will add $0.46 per share to its earnings when it reports results next week.
Earlier reports had indicated that JPMorgan emerged as the final contender after other potential issuers exited talks. People familiar with the matter said JPMorgan agreed to take over the portfolio only after key concessions. According to sources, the Apple Card portfolio was acquired at a discount of more than $1 billion and includes a higher share of subprime and lower-credit borrowers than JPMorgan typically serves. JPMorgan also plans to offer an Apple savings account as part of Apple’s broader financial services bundle.
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