JPMorgan to Replace Goldman as Apple Card Issuer

JPMorgan Chase has reached an agreement to become the new issuer of the Apple Card, replacing Goldman Sachs in a deal that ends a partnership launched in 2019, according to reports from people familiar with the matter. The transition, which affects one of the largest cobranded credit card programs in the United States with approximately 20 billion dollars in outstanding balances, is expected to take about two years to complete, allowing existing cardholders to continue using their cards without interruption.

The arrangement marks a significant shift for Apple's financial services, which began with the Apple Card's debut five years ago in collaboration with Goldman Sachs and Mastercard. Under the new deal, JPMorgan will handle issuance for both new and existing customers, while Mastercard will remain the payment network. Apple has indicated that customers will receive further details as needed, and an FAQ has already been published to address common questions during the changeover.

Reports indicate that Goldman Sachs, which has faced challenges in its consumer banking division including higher-than-average delinquency rates and exposure to subprime borrowers, sought to exit the...