JPMorgan Chase is set to take over the operation of the Apple Card, with an official announcement expected soon after extensive negotiations. Goldman Sachs, the current issuer, is stepping back from its partnership with Apple due to significant losses and a strategic shift away from consumer banking products. The bank is offloading approximately $20 billion in Apple Card balances at a considerable discount, reflecting challenges such as higher delinquency rates and exposure to subprime borrowers. JPMorgan Chase has emerged as the likely successor, with plans to introduce a new Apple savings account. However, existing Apple savings account holders with Goldman Sachs will need to decide whether to transition to Chase or remain with their current bank. The transition to Chase is projected to take place over the next 24 months, with the Apple Card continuing to operate on the Mastercard network. Apple has expressed confidence in the partnership with Chase, emphasizing a shared commitment to innovation and customer service. An FAQ about the transition has been made available by Apple.
Is Apple Card transitioning from Goldman Sachs to JPMorgan Chase?
