JPMorgan Takes Over Apple Card as Goldman Sachs Exits the Partnership

JPMorgan Chase will officially take over as the new issuer of the Apple Card, replacing Goldman Sachs in a move that has been widely expected across the banking industry. The transition was confirmed ahead of earnings and marks a clear turning point for Apple’s credit ambitions.

The Apple Card launched in 2019 as a high-profile partnership between Apple and Goldman Sachs, designed to blend consumer-friendly features with premium branding. While adoption was strong, profitability challenges and regulatory pressures weighed heavily on the relationship.

JPMorgan’s entry changes the dynamic around the Apple Card in several important ways. Unlike Goldman, JPMorgan already operates one of the largest and most profitable credit card businesses in the world.

This gives JPMorgan scale, underwriting experience, and operational depth that better aligns with Apple’s massive customer base. For Apple Card holders, the transition is expected to be largely seamless with no immediate changes to rewards or card features.

From Apple’s perspective, working with JPMorgan reduces execution risk while keeping long-term optionality open. Apple continues to expand its services segment, and financial products like the Apple Card play a key role in ecosystem stickiness.

For investors watching Apple, this move removes uncertainty around a partnership that had become increasingly strained. The Apple Card remains a strategic tool rather than a revenue driver, but stability matters as Apple deepens its push into services.

Overall, JPMorgan taking over the Apple Card highlights a maturing phase of Apple’s financial strategy. The focus now shifts from experimentation to scalable, reliable execution backed by one of the strongest banks in the industry.