Deal reshapes Apple Card’s banking partnership
JPMorgan Chase has reached an agreement to assume control of the Apple credit card portfolio, taking over from Goldman Sachs, the original issuer of the product. The transaction follows more than a year of negotiations between the banks and marks a significant shift in one of the most high-profile partnerships between Big Tech and Wall Street.
Under the deal, JPMorgan will acquire more than $20 billion in Apple Card loans. The bank said the transition is expected to take around 24 months to complete and that it will record a $2.2 billion provision for credit losses when it reports fourth-quarter 2025 earnings.
Apple Card to retain existing features
For customers, the Apple Card experience will remain largely unchanged. JPMorgan confirmed that existing rewards and benefits will continue, and the card will still operate on Mastercard’s network. Apple said it views JPMorgan as a long-term partner capable of supporting innovation and delivering a seamless payments experience.
The agreement further strengthens JPMorgan’s position in U.S. consumer finance. Even before the acquisition, the bank was already the largest credit card issuer in the country by purchase volume, and the Apple Card portfolio expands its reach further.
Goldman exits consumer finance chapter
For Goldman Sachs, the transaction represents another step in its retreat from consumer banking, a strategy shift that began in 2022. The firm entered the credit card business in 2019 with the launch of the Apple Card, but the venture proved costly and operationally complex.
Goldman said the sale will increase its earnings by $0.46 per share when it reports results next week. The bank described the transaction as effectively completing the refocusing of its consumer business toward its core investment banking and trading franchises.
Portfolio risks and pricing concessions
JPMorgan was the final bidder remaining after other potential issuers, including American Express, Synchrony and Barclays, exited discussions. According to people familiar with the matter, JPMorgan agreed to proceed only after securing concessions from both Apple and Goldman.
The Apple Card portfolio includes a higher share of subprime and lower-credit borrowers than JPMorgan typically serves. As part of the deal, the bank is acquiring the business at a discount estimated to exceed $1 billion, reflecting the elevated credit risk.
Broader financial services ambitions
In addition to the credit card business, JPMorgan plans to offer an Apple-branded savings account as part of a broader financial services bundle tied to Apple’s ecosystem. The move deepens JPMorgan’s integration with one of the world’s most influential technology companies.
