Apple and Goldman Sachs have agreed to transfer the issuance of the Apple Card to JPMorgan Chase, with the deal expected to close in roughly two years. Since its 2019 launch, the card has been managed by Goldman Sachs and has featured unique physical design elements—no printed number on the card face and a titanium chassis—and deep integration with Apple Pay. Under the new arrangement, JPMorgan will assume responsibility for underwriting, servicing, and risk management. Mastercard will continue to serve as the card network, preserving global acceptance and existing benefits for cardholders.

Apple has assured users that all current features of the Apple Card will remain intact following the transition. Cardholders will still earn 3% daily cash back on qualifying Apple purchases, 2% on Apple Pay transactions, and 1% on all other purchases. The high-yield savings account option tied to the card will continue to offer competitive interest rates. Existing balance transfers, payment schedules, and account interfaces within the Apple Wallet app will carry over seamlessly to JPMorgan’s platform, minimizing any disruption to user experience.

For Apple, the transfer aligns with its broader strategy of outsourcing credit risk while maintaining control over customer-facing interfaces and data. It allows the company to focus capital and management attention on hardware, services, and software innovation. JPMorgan strengthens its position as the top U.S. credit card issuer—having led purchase volumes exceeding $1.344 trillion last year—by adding an estimated $20 billion in card balances to its portfolio. Goldman Sachs anticipates a net benefit to its 2025 fourth-quarter earnings of $0.46 per share after releasing $2.48 billion in loan loss reserves, offset by revenue markdowns and transition costs.