Overview
- Apple and Chase said the issuer role will shift over approximately 24 months, pending regulatory approvals, with Mastercard remaining the payment network.
- The transfer is expected to bring over $20 billion in Apple Card balances onto Chase’s platform, and JPMorgan expects a $2.2 billion 4Q25 provision for credit losses tied to the forward purchase commitment.
- The Wall Street Journal reports Goldman Sachs will sell the portfolio at a discount of more than $1 billion, an unusual markdown for a co-branded card program.
- Chase plans to launch a new Apple-branded savings account, while existing Apple Savings customers at Goldman will be able to choose whether to remain there or move.
- Current cardholders do not need to reapply and can continue using their cards and Wallet features, with balances and credit reporting shifting to Chase once the transition closes.