JPMorgan Chase is taking over the Apple Card

Apple today announced that JPMorgan Chase will be the new issuer of the Apple Card. The official news arrived shortly after The Wall Street Journal reported that the two companies had reached an agreement regarding Apple’s credit card service. According to the tech company, the transition to the new provider is expected to take around two years, but customers can continue to use their Apple Cards as usual during the interim. Apple has already published an FAQ about the change, but the main takeaway is that the status quo currently continues and customers will receive information later if action is required. Mastercard will remain the Apple Card payment network under the new partnership.

Goldman Sachs was Apple’s collaborator when it launched the Apple Card in 2019. However, we have seen signs for several years that Goldman Sachs was looking for a way out of its agreement. Apple hasn’t released many details about current or future offers for its credit card, but the WSJ the report claims that negotiations with JPMorgan Chase have been ongoing for over a year. Sources told the publication that Goldman Sachs was offloading approximately $20 billion in outstanding client balances at a discount of more than $1 billion.