Apple Card Issuer to Change: JPMorgan Chase Takes Over

JPMorgan Chase will become the new issuer of Apple’s credit card, replacing Goldman Sachs, which has backed the company’s products since their launch in 2019. The announcement marks a significant shift for Apple, as the company continues to expand its services business and manage a growing portfolio. As part of the transition, JPMorgan Chase is expected to take over the $20 billion credit card portfolio that has been previously managed by Goldman Sachs. For Apple Card holders, the change is not expected to have an immediate impact, with the transition scheduled to occur two years from now. During this time, customers can continue to use their cards as usual, and Apple will work closely with JPMorgan Chase to ensure a seamless transition of services. The move comes as Goldman Sachs continues to exit consumer lending, shifting its focus towards other areas of the financial industry. As the credit card issuer, JPMorgan Chase will be responsible for managing the day-to-day operations of the program, including customer service and account management.