Apple Card is moving to Chase, here’s everything we know
Source: 9to5Mac
After multiple years of speculation, last month Apple [officially announced](https://9to5mac.com/2026/01/07/apple-confirms-chase-takeover-for-apple-card-and-reveals-new-details/) that **Chase** is set to become the new issuer of Apple Card. Apple says the transition from Goldman Sachs to Chase will occur in approximately **24 months**.
## What this means for Apple Card users
- **Issuer change:** Your Apple Card will be re‑issued by Chase instead of Goldman Sachs.
- **Timeline:** The switch is expected to be completed within the next two years.
- **Potential benefits:**
- Access to Chase’s broader rewards ecosystem.
- Possible new credit‑card features and promotions.
- **Impact on existing accounts:**
- Current balances, payment history, and credit limits will be transferred to the new Chase‑issued card.
- No immediate action required from users; Chase will handle the migration.
- **Card design:** Apple has not confirmed whether the physical card’s appearance will change.
- **Customer support:** Support will shift from Goldman Sachs to Chase’s customer‑service channels.
Stay tuned for further updates as Apple and Chase roll out more details about the transition. Why Is Goldman Sachs Ditching Apple Card?
In January 2022 Goldman Sachs disclosed that it had lost more than $1 billion on its Apple Card partnership since the program launched in 2020. Despite the losses, the bank said it remained “committed” to the relationship at the time.
What Caused the Losses?
| Factor | Details |
|---|---|
| Riskier borrower pool | Goldman approved a large number of customers with lower credit scores than its traditional clientele, leading to higher‑than‑expected defaults. |
| Higher borrowing costs | Apple Card’s sub‑prime borrowing rate is 34 % – higher than Chase (15 %) and Capital One (31 %). |
| Delinquency rate | Apple Card’s delinquency rate sits at 4 %, above the industry average of 3.05 %. |
| Charge‑off rate | Goldman’s net charge‑off rate is 2.93 %, roughly double that of Chase and Bank of America. |
| Fee‑free structure | The card’s consumer‑friendly, no‑fee design limited Goldman’s ability to generate revenue or offset costs. |
Sources: The Wall Street Journal, 9to5Mac articles (Jan 2022, Feb 2023, Jun 2023, Sep 2024).
The Decision to Exit
As the losses continued to mount, Goldman began exploring alternatives:
- Early 2023 – Reports indicated Goldman had opened talks with American Express about taking over the Apple Card partnership.
- Consumer‑finance pull‑back – Goldman scaled back its Marcus personal‑finance brand and shuttered its co‑branded GM credit‑card program.
- Apple’s outreach – Apple reportedly approached several issuers—including American Express, Capital One, and Synchrony—to find a new partner.
The Final Deal with Chase
Apple ultimately settled on JPMorgan Chase as the new issuer. Under the agreement:
- Goldman is off‑loading $20 billion of outstanding Apple Card balances to Chase.
- The transfer is being made at a $1 billion discount—an unusually steep concession.
- Typically, credit‑card balance sales command a premium of at least 8 % (per The Wall Street Journal), underscoring how eager Goldman was to exit the partnership.
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Key Takeaway:
Goldman Sachs’ foray into the Apple Card market exposed the bank to a higher‑risk borrower base, fee‑free pricing, and elevated charge‑off rates, resulting in substantial losses. The partnership’s termination—culminating in a discounted balance transfer to Chase—highlights the challenges traditional banks face when venturing into consumer‑focused, low‑margin credit products.
Apple Card + Chase
Apple says that the Apple Card’s transition from Goldman Sachs to Chase will occur in approximately 24 months. As of now, Apple’s website states that there is nothing Apple Card users need to do to migrate their account to Chase.
We’re still waiting on many details about what a Chase‑issued Apple Card will look like. Apple has a page that explains the Apple Card Issuer Transition. That page focuses on “using Apple Card during the transition period.” Apple adds that additional details “regarding the transition will be shared with all Apple Card users as the transition date approaches.”
During the transition period
- Existing Apple Card users won’t need to apply again.
- Cardholders will continue earning up to 3 % unlimited Daily Cash on purchases.
- Apple Card will still run on the Mastercard network.
- Payments should be made the same way as today; after the transition, balances for active accounts will be issued by Chase.
- Apple Card will continue to be managed through the Wallet app on iPhone.
- The current physical Apple Card will keep working as normal.
- Apple will provide updates if any changes to physical cards are required.
- Apple Card Monthly Installments will remain available for Apple purchases made in Apple Stores, on apple.com, and in the Apple Store app.
- Apple Card will continue to have no annual fee, no late fees, and no foreign transaction fees.
- After the transition, credit reports will list Chase as the issuing bank for Apple Card.
Note: All of the points above apply during the transition. It is still unclear what changes Chase may implement once the transition is officially finalized.
Apple Card Savings Account
One of the most popular features of Apple Card is the Apple Card Savings Account, a high‑yield savings account operated by Goldman Sachs exclusively for Apple Card customers.
- New partner: The Wall Street Journal reports that Chase will launch a new Apple savings account as part of its Apple Card deal.
- Customer choice: Existing Apple Card Savings Account holders will be able to decide whether to stay with Goldman Sachs or open an account with JPMorgan.
Source: The Wall Street Journal (via 9to5Mac)
Wrap‑up
What do you think about Apple Card moving to Chase? Will it be good news or bad news? Let us know in the comments below.
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