After years of rumors, Apple has finally made it official. Apple Card is leaving Goldman Sachs.
The company confirmed that JPMorgan Chase will become the new issuing bank, with the handoff expected to take about 24 months. Nothing changes immediately, but this is a big shift behind the scenes, and it explains a lot about the last few years of Apple’s credit card experiment.
Here’s what’s happening and what it means if you actually use Apple Card.
Why Goldman Sachs Wanted Out
From the outside, Apple Card looked successful. It had huge visibility, a simple interface inside the iPhone Wallet app, and some genuinely consumer-friendly policies. But for Goldman Sachs, the numbers never worked.
In January 2022, the bank revealed it had lost more than $1 billion on the partnership since 2020. At the time it still said it was “committed” to the relationship with Apple, but the situation kept getting worse.
The core problem was who the card attracted.
Goldman traditionally served wealthy clients and corporate finance. Apple Card did the opposite. The approval process opened the door to many customers with lower credit scores than the bank usually dealt with. That led to far more missed payments than expected.
According to figures cited by The Wall Street Journal, Apple Card’s subprime borrowing rate is 34%, higher than Chase at 15% and Capital One at 31%. The delinquency rate is 4%, above the industry average of 3.05%. Goldman’s net charge-off rate sits at 2.93%, roughly double that of Chase and Bank of America.
At the same time, Apple insisted on unusually friendly terms for cardholders. No annual fee. No late fees. No foreign transaction fees. Those are great for customers but they limit how a bank earns money or offsets risk.
So losses piled up.
By 2023, Goldman had already started looking for a way out. Reports said it explored handing the program to American Express. At the same time, the bank began retreating from consumer finance entirely, shrinking its Marcus brand and shutting down its GM co-branded credit card.
Apple also spoke with multiple issuers including American Express, Capital One, and Synchrony. Eventually, the company landed on Chase.
The scale of the exit shows how urgent it was. Goldman is transferring roughly $20 billion in Apple Card balances to Chase at a $1 billion discount. Normally, banks sell balances at a premium of at least 8%, according to The Wall Street Journal. This deal went the opposite direction.
Goldman didn’t just want to leave. It needed to.
What the Chase Version of Apple Card Looks Like
For now, not much changes for users.
Apple says the transition will take around two years and customers do not need to reapply. Your card keeps working exactly as it does today.
Apple even created a dedicated page explaining the “Apple Card Issuer Transition,” but most of it focuses on reassurance rather than new features. More detailed information will be shared closer to the switch.
During the transition period, Apple says:
- 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.
- For now, payments should be made the same way as today. After the transition, Apple Card 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 still be 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.
In other words, Apple is trying to make this invisible.
The Wallet app stays the control center. Your titanium card stays valid. Rewards stay the same. Even the billing experience should feel familiar.
What we don’t yet know is what Chase adds later. The bank has a massive credit card ecosystem, travel partners, and reward infrastructure. That could eventually expand what Apple Card can do, but Apple hasn’t announced any changes yet.
The Savings Account Complication
One part of Apple Card is directly tied to Goldman Sachs: the Apple savings account.
The high-yield savings feature, which automatically stores Daily Cash rewards, is currently operated by Goldman. That obviously can’t continue once the partnership ends.
According to The Wall Street Journal, Chase will introduce a new Apple savings account as part of the deal. Existing users will reportedly be allowed to choose whether they keep their account where it is or move it to JPMorgan.
So unlike the credit card itself, this part of the transition may require an actual decision from users.
This Really Isn’t About Banking
On the surface this looks like a banking change, not an Apple change. But it reveals something important about Apple’s strategy.
Apple doesn’t want to be a bank. It wants to design the experience.
Goldman struggled because it was effectively operating a traditional credit card inside a product that behaves like software. Apple controls approvals, payments, rewards visibility, and notifications through the iPhone. The bank sits underneath, handling risk and money.
Chase is much more experienced with consumer credit at scale. It already manages massive card portfolios and understands default risk better than an investment bank trying retail finance for the first time.
That means Apple can keep doing what it cares about: turning finance into an app feature.
The original Apple Card was ambitious but financially messy behind the scenes. This new version looks more sustainable.
For users, the goal is simple. You shouldn’t notice anything.
And if Apple succeeds, the only real difference you’ll see in two years is a different bank name on your credit report.
