JPMorgan Chase has secured a definitive agreement to assume responsibility for issuing the Apple Card, marking a pivotal transition from Goldman Sachs, which will exit its direct consumer lending venture. The deal signals a major realignment in the digital payments landscape.
- JPMorgan Chase to assume Apple Card issuance effective Q1 2026
- Goldman Sachs exits direct consumer credit operations after 6 years
- Apple Card has 13 million active users and $12 billion in outstanding balances
- JPMorgan expects $1.8 billion in annual revenue from Apple Card
- Apple retains control of digital experience and customer interface
- Transition will be seamless for existing cardholders
JPMorgan Chase has reached a final agreement to assume the role of issuer for the Apple Card, a move that formally ends Goldman Sachs' direct involvement in consumer credit under the Apple partnership. The transition, effective in the first quarter of 2026, positions JPMorgan as the sole financial institution responsible for the card’s underwriting, credit risk management, and customer servicing. The Apple Card, launched in 2019 as a joint venture between Apple and Goldman Sachs, has grown to serve approximately 13 million active users by the end of 2025, with total outstanding balances exceeding $12 billion. Goldman Sachs had managed the card’s operations for over six years, issuing it under a private-label agreement. With the deal, JPMorgan will integrate the Apple Card into its broader consumer banking platform, leveraging its existing infrastructure and credit evaluation systems to support future growth. The acquisition reflects a strategic pivot by Goldman Sachs to focus on investment banking and asset management, reducing its exposure to retail credit products. For JPMorgan, the move enhances its footprint in the digital wallet and fintech ecosystem, adding a high-engagement product with strong brand alignment. The bank’s credit card portfolio will now include over 160 million active accounts, with the Apple Card contributing an estimated $1.8 billion in annual revenue from interest and fees. The transition is expected to be seamless for consumers, with no changes to card features, rewards structure, or Apple integration. Apple will continue to oversee the digital experience, including the Wallet app and customer support, while JPMorgan will handle origination, collections, and regulatory compliance. This partnership is anticipated to strengthen JPMorgan’s position in the competitive credit card market amid rising demand for cashback and low-fee digital products.