JPMorgan Taking Over Reins of Apple Card from Goldman Sachs

JPMorgan Chase is going to take over the Apple credit card program from Goldman Sachs, according to a recent report from the Wall Street Journal. Here is a look at this blockbuster deal in the financial industry.

JPMorgan Chase Taking Over Apple Credit Card from Goldman Sachs

The largest bank in the U.S. will soon become the new issuer of Apple Card. This card is quickly becoming one of the biggest co-branded credit card programs in the nation, recently reporting approximately $20 billion in balances. The looming deal would solidify JPMorgan's place in the credit card industry.

JPMorgan has emerged as the country's most successful brand in retail and investment banking in recent years under the leadership of CEO Jamie Dimon. The company will issue Apple credit cards for new and existing customers. However, the transition from Goldman Sachs to JPMorgan will take time, according to financial experts. The deal will be subject to regulatory approvals, meaning that it will be a few years before it closes.

JPMorgan is also going to establish a savings account branded under the Apple name. Those who already have a savings account through Apple at Goldman Sachs will have the choice of staying with this institution or moving to JPMorgan.

The two companies confirmed that all credit card and savings balances, payment history, credit limit, and the Daily Cash balance will carry over when the transition is final. A current Apple Savings account has no minimum balance requirements or monthly fees. As of last week, the account boasted a 3.65% APY. Conversely, JPMorgan Chase does not offer high-yield savings accounts as part of its portfolio for consumers. However, the Wall Street Journal said that the company is planning to launch its own comparable savings product for card users. Apple said that more information about this product will be released near the time of the transition.

Mastercard will continue to serve as the payment network for the card. Any other changes will be released to users as the transition reaches its completion.

Financial Implications for Both Companies

It is being reported that Goldman Sachs will offload approximately $20 billion of outstanding balances for a discount of more than $1 billion. JPMorgan is expecting to record a $2.2 billion provision of credit losses over the last quarter of 2025, connected to the purchase of the portfolio.

This deal has been in the works for quite some time. Discussions between JPMorgan and Apple began in 2024, following an annoucement in 2023 that Apple and Goldman Sachs were terminating their partnership. That is when Goldman Sachs decided it wanted to exit the partnership that it had previously established with Apple.

The Apple credit card was initially launched in 2019 through Goldman Sachs. The card offered several advantages, including no fees and cashback bonuses.

However, Goldman Sachs has struggled in the consumer banking space, causing it to reevaluate its partnership with Apple. Goldman Sachs Chief Executive David Solomon said that the transaction will serve to amplify the company's goals of narrowing its place in the consumer market. With Goldman Sachs wanting to exit this space, JPMorgan became an attractive option to take over the Apple Card. Other banks that were considered for joining the alliance with Apple included Barclays and Symphony Financial.

On the basic financial front, the change is expected to boost shares of Goldman Sachs by about 46 cents per share for its fourth-quarter 2025 earnings. This gain will be primarily driven by the release of a massive $2.48 billion in loan-loss reserves. Part of this total will be offset by a $2.26 billion loss in net revenue connected to marking down the loan portfolio, as well as the cost of terminating its contract and Apple, and an additional $38 million of expenses.

JPMorgan is also the nation's largest lender. The leader began its earnings season for banks on January 13. Goldman Sachs is not far behind, starting the reporting on January 15.

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