JPMorgan to take over Apple credit card from Goldman Sachs

JPMorgan Chase has agreed to instrumentality implicit the Apple recognition paper portfolio from its existent issuer, Goldman Sachs.

The woody is expected to displacement much than $20bn successful paper balances onto JPMorgan’s platform, according to the companies.

JPMorgan said the transaction is apt to instrumentality astir 24 months to implicit and remains taxable to regulatory approvals.

The slope plans to grounds a $2.2bn proviso for recognition losses tied to the woody erstwhile it reports fourth-quarter 2025 net adjacent week.

Apple Card customers are expected to clasp existing features and rewards, and the paper volition proceed to run connected Mastercard’s network, JPMorgan said.

Allison Beer, Chase’s CEO of Card & Connected Commerce, said: “We stock a committedness to supporting user fiscal health, and we’re arrogant to deepen our narration by welcoming them arsenic the newest spouse successful our industry-leading co-brand recognition paper program. We’re excited to innovate unneurotic successful the future.”

Launched successful 2019 with Goldman arsenic issuer, the Apple recognition paper promoted features specified arsenic nary fees and cashback, but Goldman’s difficulties successful user banking led some parties to revisit the arrangement.

Goldman and Apple revealed successful 2023 that they planned to upwind down their partnership.

The statement efficaciously brings Goldman’s determination into user lending to an end.

“This transaction substantially completes the narrowing of our absorption successful our user business,” said David Solomon, president and CEO of Goldman Sachs.

Goldman said the transaction is acceptable to summation its net by 46 cents per stock erstwhile it reports results adjacent week.

Mastercard volition stay the outgo web for Apple Card.

Mastercard president of the Americas Linda Kirkpatrick said: “We’re thrilled to enactment with Apple and Chase to proceed our longstanding concern connected Apple Card.

“The innovation connected Apple Card has taken the user payments acquisition to the adjacent level, and we look guardant to delivering simple, secure, and seamless payments astatine planetary scale.”

"JPMorgan to instrumentality implicit Apple recognition paper from Goldman Sachs" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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