Apple Card Switch to JPMorgan Chase: What You Need to Know
January 8, 2026
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Apple announces JPMorgan Chase as new issuer for Apple Card
On Wednesday evening, Apple revealed that JPMorgan Chase will take over as the issuer of Apple Card, replacing Goldman Sachs, which has been backing the credit card since its debut in 2019. This move concludes years of speculation about a new partner, as Goldman Sachs exits consumer lending to focus on other areas. Meanwhile, Apple’s services revenue has surged from $11 billion to over $28 billion quarterly.
What does this mean for current Apple Card users?
Existing Apple Card customers should expect minimal immediate changes. The transition of the $20 billion credit card portfolio is planned for two years from now. During this period, users can enjoy the same seamless experience, including:
- Up to 3% unlimited Daily Cash back on every purchase
- Intuitive spending management tools
- Apple Card Family sharing features
- Access to a high-yield Savings account
The Mastercard payment network will remain in place, ensuring continued global acceptance and benefits. Management of your balance, savings accounts, and application process will stay consistent for now, with any updates on physical card changes coming closer to the transition date.
Financial Details and Future Plans
Sources close to the situation, speaking to the Wall Street Journal and CNBC, indicate that Chase acquired Apple Card at a discount exceeding $1 billion. This discount reflects Chase’s high exposure to subprime borrowers and a higher-than-average delinquency rate. Chase plans to introduce a new savings account program, which current customers will have the option to adopt.
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Richard Lawler, The Verge