Overview
- Apple and Chase say cardholders can keep using Apple Card as normal during a roughly 24‑month migration, with Mastercard remaining the payment network.
- About $20 billion in balances are slated to move to Chase; the Wall Street Journal reports Goldman is selling the portfolio at a discount exceeding $1 billion.
- JPMorgan disclosed a $2.2 billion credit‑loss provision tied to the takeover and said the transfer requires regulatory approvals.
- Apple says rewards, no‑fee structure, Wallet tools, Family sharing, and access to a high‑yield savings feature continue for now, with more guidance to come before any account moves.
- Goldman expects an earnings boost of roughly $0.46 per share from reserve releases, partly offset by portfolio markdowns and termination costs, and will keep servicing accounts during the handover.