"For consumers, nothing is changing at the moment, including for those applying for new cards. JPMorgan said that the deal would bring over $20 billion in card balances to Chase. The Wall Street Journal noted that Goldman Sachs is offloading this amount at a $1 billion discount. Goldman Sachs said that for the fourth quarter of 2025, it expects a $2.2 billion provision for credit losses related to the forward purchase commitment."
"News that the Apple-Goldman partnership would end has been swirling around for a few years now. Last year, the Wall Street Journal reported that JPMorgan was in line to become Apple's new partner. Apple launched its credit card in 2019 in partnership with Goldman Sachs without late fees or penalty interest rates. The card offers up to 3% daily cashback on purchases from Apple and other select partners; 2% from using Apple Pay; and 1% from using the physical card."
Apple announced that JPMorgan Chase will replace Goldman Sachs as issuer of the Apple Card, with the transition expected to take up to 24 months. The Apple Card will continue to use the Mastercard network for payments, and consumers can still apply for new cards without immediate changes. JPMorgan said the deal will move over $20 billion in card balances to Chase. Goldman Sachs is offloading that portfolio at about a $1 billion discount and expects a $2.2 billion provision for credit losses in fourth-quarter 2025 tied to a forward purchase commitment. The Apple Card launched in 2019 and offers up to 3% daily cashback.
Read at TechCrunch
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