JPMorgan Chase is taking over the Apple Card

Apple announced today JPMorgan Chase will be the new issuer for the Apple Card. The official news arrived shortly after The Wall Street Journal reported that the two businesses had reached a deal regarding Apple’s credit card service. According to the tech company, the transition to the new provider should take about two years to complete, 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 is currently continuing and customers will receive information at a later date if any 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. We’ve seen signs for a few years, though, that Goldman Sachs had been looking for a way out of its arrangement. Apple didn’t disclose many details around either the current or future deals for its credit card, however the WSJ report claims the negotiations with JPMorgan Chase have been underway for more than a year. Sources told the publication that Goldman Sachs is offloading about $20 billion in outstanding customer balances at a discount of more than $1 billion.