Overview
- Apple and Chase confirmed the agreement, with account migration expected in approximately 24 months and no reapplication required for existing users.
- Mastercard remains the payment network as Wallet-based management, Daily Cash rewards, and the card’s no-fee structure continue during the transition.
- Goldman Sachs will sell roughly $20 billion in Apple Card loans at a discount of more than $1 billion, a rare markdown for co-branded portfolios.
- JPMorgan will record a $2.2 billion provision for credit losses tied to the portfolio as it prepares to assume issuing responsibilities.
- Chase plans a new Apple-branded savings account, while customers with existing Goldman-managed Apple savings can choose to remain or open an account with Chase.