Apple's credit card 'Apple Card' issuer finally transferred from Goldman Sachs to JPMorgan Chase
Chase to become new issuer of Apple Card - Apple
https://www.apple.com/newsroom/2026/01/chase-to-become-new-issuer-of-apple-card/
Exclusive | JPMorgan Chase Reaches Deal to Take Over Apple Credit Card - WSJ
https://www.wsj.com/finance/banking/jpmorgan-chase-reaches-a-deal-to-take-over-the-apple-credit-card-4e214fb2
JPMorgan Chase apparently reaches deal to take over Apple Card
https://appleinsider.com/articles/26/01/07/jpmorgan-chase-reaches-deal-to-take-over-apple-card
Apple has partnered with Goldman Sachs and MasterCard to offer the Apple Card since 2019. Goldman Sachs initially stated that the Apple Card was its most successful card ever . Apple later offered a high-yield savings account service offering a 4.15% annual interest rate to Apple Card users, which attracted a whopping $990 million in deposits in the first four days of its launch.
Apple announces its own credit card 'Apple Card' that works with iPhone - GIGAZINE
However, after the deposit service launched, Goldman Sachs stated that ' Apple's high-yield deposits were a mistake ' and revealed that it was considering withdrawing from the consumer finance business.
Apple ends partnership with Goldman Sachs, Apple Card's future unclear - GIGAZINE
Goldman Sachs, which has been trying to sell its Apple Card business for more than two years, has finally found a buyer, according to a Wall Street Journal report. According to the report, there are over $20 billion in outstanding Apple Card balances, and the bank plans to take a discount of over $1 billion of that amount before handing over the business.
Apple has also announced that the issuer of the Apple Card will be transferred from Goldman Sachs to JPMorgan Chase. According to Apple, the transition will take place within approximately 24 months. However, since only the credit card issuer will be transferred to JPMorgan Chase, MasterCard will continue to serve as the payment network for the Apple Card, and users will continue to have access to MasterCard's global payment services and benefits.
'We're incredibly proud of how Apple Card is transforming the credit card experience for our customers by providing innovative tools to help them make healthier financial decisions,' said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. 'JPMorgan Chase shares our commitment to innovation and delivering products and services that improve consumers' lives, and we look forward to working together to continue delivering best-in-class experiences and exceptional customer service with Apple Card.'
'Apple is an iconic brand recognized globally for its innovation, exceptional design and commitment to delivering an exceptional customer experience,' said Alison Beer, CEO, JPMorgan Chase Card & Connected Commerce. 'We share a commitment to supporting consumers' financial wellness, and we are proud to deepen our relationship with Apple as a new partner in our industry-leading co-branded credit card program. We look forward to innovating together in the future.'
Related Posts:
in Note, Posted by logu_ii