NEW YORK, January 10, 2026, 04:15 EST
- JPMorgan Chase will become the new issuer of Apple Card, replacing Goldman Sachs, with a transition expected in about 24 months.
- JPMorgan said it expects a $2.2 billion provision for credit losses tied to the deal; Goldman said the move would lift its fourth-quarter 2025 earnings per share by $0.46.
- Apple says Apple Card perks and the Mastercard network will remain in place during the transition, with more details to come closer to the handover.
JPMorgan Chase will become the new issuer of Apple Card, taking over the program from Goldman Sachs in a handover expected to take about 24 months. The bank said the purchase would bring more than $20 billion of card balances onto its Chase platform and trigger a $2.2 billion provision for credit losses — money set aside for borrowers who may not pay — in its fourth-quarter 2025 results.
For Goldman, the deal is another step away from a consumer push that turned into a long-running headache. “This transaction substantially completes the narrowing of our focus in our consumer business,” Chief Executive David Solomon said. Goldman expects the transaction to lift fourth-quarter 2025 earnings per share by $0.46, helped by a $2.48 billion release of loan-loss reserves but partly offset by markdowns, contract termination obligations and other charges, it said. Goldman Sachs
For JPMorgan, it adds a high-profile co-brand card — a credit card issued with a partner brand — and drops it into an already crowded market. JPMorgan was the top U.S. credit-card issuer in 2024 based on more than $1.344 trillion in purchase volume, according to The Nilson Report cited by the Associated Press. It was the sixth straight year it held the top spot, the AP reported.
Apple said cardholders can keep using Apple Card as usual during the transition, including earning up to 3% unlimited Daily Cash — its cash-back reward — on purchases, with Mastercard staying on as the payment network. Apple Card has no fees, and variable annual percentage rates range from 17.49% to 27.74% based on creditworthiness, Apple said.
The Wall Street Journal reported Goldman is shedding the roughly $20 billion of card balances at a discount of more than $1 billion, citing people familiar with the matter, as the companies worked through what Payments Dive called a complex deal. Truist Securities analyst Brian Finneran called the purchase a “good use of their excess capital” for JPMorgan, adding the bank has “more card expertise than GS” to run the portfolio. Piper Sandler analysts Scott Siefers and Frank Williams noted the $20 billion is just 1.4% of JPMorgan’s total loans, while Goldman has already offloaded other consumer bets, including selling its General Motors credit card business to Barclays in 2024. Payments Dive
Evercore estimated the net effect would raise its fourth-quarter 2025 earnings-per-share forecast for Goldman by about 4% to $11.57, from $11.11. It also said Goldman’s CET1 capital ratio — a key measure of bank capital — could rise about 40 basis points, or 0.40 percentage point, if the transaction were completed today. Evercore lowered its fourth-quarter 2025 EPS forecast for JPMorgan by about 12% to $4.50 from $5.10 after the $2.2 billion provision, Investing.com reported.
For customers, the fine print is mostly about who holds the account, not what the card looks like. Investopedia said Apple Card and Apple Savings balances, rewards and account history are expected to carry over when Chase takes over, and credit reports will be updated to reflect the new issuer. It said Apple Savings currently pays 3.65% APY — annual percentage yield — and is federally insured up to $250,000, while noting Chase does not currently offer a high-yield savings account.
But the handover is a long glide path, and the economics can still shift if consumer credit losses rise or the transfer takes longer than planned. Investors may get more detail soon: JPMorgan is scheduled to review fourth-quarter and full-year 2025 results on Jan. 13, and Goldman is set to report fourth-quarter 2025 results on Jan. 15, according to the banks.
