NEW YORK, January 7, 2026, 16:45 EST
JPMorgan Chase has struck a deal to take over Apple Inc.’s credit-card program from Goldman Sachs, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. JPMorgan would become the new issuer — the bank that extends the credit and runs the account — for Apple Card, one of the largest co-branded card programs in the United States with about $20 billion in balances, the report said. JPMorgan and Goldman declined to comment, and Apple did not immediately respond to a request for comment. 1
For JPMorgan, the deal would deepen its grip on credit cards and bring it closer to Apple as more payments move through phones, watches and other devices. For Goldman, it would mark another step in a pullback from consumer finance that the Journal said has cost the firm more than $7 billion. 2
Apple launched Apple Card in 2019 with Goldman as the issuing bank, pitching a fee-free card built into the iPhone’s Wallet app. As Goldman looked to unwind the tie-up, Apple also held talks with potential partners including Barclays and Synchrony Financial, Reuters has reported. 3
Goldman is expected to offload the roughly $20 billion of outstanding balances to JPMorgan at a discount of more than $1 billion, the Journal said. That kind of haircut is unusual in co-branded deals — cards marketed under two brands — and the Journal cited higher delinquency rates and heavy exposure to subprime borrowers, meaning customers with weaker credit profiles. It also said most co-brand balances change hands at a premium, not a discount. 4
JPMorgan also plans to launch an Apple-branded savings account, people familiar with the matter told the Journal. Customers who already hold Apple savings accounts at Goldman would decide whether to remain there or open new accounts at JPMorgan, the report said. Apple introduced its high-yield savings account for Apple Card users in 2023 with Goldman as the banking partner. 5
Goldman CEO David Solomon has previously said the Apple Card partnership, which was set to run through 2030, might end earlier. “We have a contract with Apple to run that partnership until 2030, although there’s some possibility that it won’t continue until that time frame,” he told analysts on an earnings call. Solomon said the partnership trimmed Goldman’s return on equity by 75 to 100 basis points in the prior year and the platform solutions unit that houses the card posted a net loss of $859 million in 2024. 6
In late trading, JPMorgan shares were down about 2.3%, while Goldman fell about 1.7% and Apple slipped about 0.8%.
The deal has not been announced and could still be delayed, Bloomberg Law reported, citing a person with knowledge of the matter. Even if it moves ahead, the handoff will hinge on how smoothly accounts migrate and whether credit losses stay contained in a loan book the Journal said was already showing strain. 7
JPMorgan already runs massive co-branded cards, including Amazon’s Visa products, giving it a ready playbook for handling a big retail brand at scale. What changes Apple Card holders see — fees, rewards, customer service — will likely come in steps rather than all at once. 8
