NEW YORK, Jan 9, 2026, 12:23 (EST) — Regular session
- Mastercard shares eased in midday trade after Apple said Chase will take over as Apple Card issuer
- Mastercard stays the payment network, keeping a high-profile U.S. co-brand slot
- Traders are watching coming bank earnings for more detail on the portfolio shift
Mastercard shares slipped on Friday after Apple and JPMorgan Chase said Chase will become the new issuer of Apple Card, a deal that keeps Mastercard as the card’s payment network. Shares were down about 0.2% at $578.98 in midday trading.
For Mastercard, the headline is the network slot. The “payment network” is the rails that carry a card transaction from a merchant to a bank, and it typically earns fees tied to each swipe or tap. Losing a marquee co-brand can sting because the volume is sticky and rivals fight for it.
The timing also matters. The U.S. card market is tightening into earnings season, and investors have been quick to trade any hint of slowing consumer spend or softer travel, two big drivers for the payments group.
Visa and American Express were also lower, even as the broader U.S. market ticked up. Visa fell about 0.4% and American Express dropped about 1.2%, while the SPDR S&P 500 ETF gained about 0.7%.
Apple and Chase said late Wednesday the transition is expected to take about 24 months, and Mastercard will remain the network for Apple Card. Mastercard’s Linda Kirkpatrick, its president of the Americas, said the company was “thrilled to work with Apple and Chase” to continue the partnership. The portfolio is estimated to bring over $20 billion of card balances to Chase, and JPMorgan expects to book a $2.2 billion provision for credit losses tied to the forward purchase, the companies said. (Nasdaq)
JPMorgan is set to replace Goldman Sachs as issuer, in a shift that is still subject to regulatory approval and is expected to close in about two years, Reuters reported. Goldman and Apple had already signaled plans to end their partnership in 2023, the report said. (Reuters)
The next read-through for traders may come from JPMorgan itself. The bank has said it will release fourth-quarter results on Tuesday, Jan. 13, and hold an 8:30 a.m. ET earnings call — an early chance for investors to hear how it frames the Apple Card book and the $2.2 billion reserve build. (Business Wire)
But the timeline cuts both ways. A 24-month transition leaves room for execution risk, and the deal still needs regulatory sign-off; a slower economy could also bite into card spending and loan performance just as a new issuer takes the wheel.
Technically, the stock has room on either side. Market data cited by MarketBeat put Mastercard’s 52-week high at $601.77; the shares were trading roughly 4% below that level on Friday, and MarketBeat pegged the 50-day and 200-day moving averages at about $556 and $566, respectively. (MarketBeat)
Traders’ next hard date is Jan. 13, when JPMorgan reports, with Mastercard investors also watching for any update on when the company will post its own quarterly results and what it says about cross-border volumes and services growth.
