JPMorgan Chase to Issue Apple Card

JPMorgan Chase & Co. has announced it’s set to become the new issuer of the Apple Card, taking over from Goldman Sachs. This transition is expected to wrap up in about 24 months, pending the usual regulatory approvals.

In anticipation of this change, JPMorgan has indicated it will set aside $2.2 billion for credit losses in the fourth quarter of 2025 related to commitments for the Apple Card portfolio. Even though the transaction won’t finalize for some time, this reserve seems to be a cautious step to ensure stability before the transfer.

The deal stipulates that JPMorgan will take over the Apple Card loan portfolio, which could add over $20 billion in card balances to its platform once everything is in place.

The Apple Card originally debuted in 2019 through a partnership with Goldman Sachs, marking Goldman Sachs’ entry into the consumer credit card market. However, GS plans to end this partnership in 2023, partly due to increasing losses in its consumer banking sector.

There are indications that Apple is looking for a new issuer late in 2023, and JPMorgan seemed like a fitting choice given its existing relationship with Apple, especially through Apple Pay, as well as its established presence in Apple retail locations. Eventually, Goldman Sachs decided to transfer the Apple Card program to JPMorgan as part of its broader strategy to scale back its consumer banking operations.

This agreement enhances JPMorgan’s standing in the U.S. credit card market, broadening its co-branded portfolio and boosting its consumer payments business. With this transition, the company aims to increase card transaction volumes and expand its reach among U.S. consumers by tapping into a well-established base of cardholders.

“Apple is an iconic brand, recognized globally for its innovation and commitment to providing an exceptional customer experience,” said Alison Beer, CEO of Cards and Connected Commerce at JPMorgan Chase. She further mentioned, “We share a commitment to supporting consumers’ financial health and are excited to deepen our partnership as we innovate together in the future.”

JPMorgan’s cards division has seen consistent growth in recent years, adding millions of accounts and enhancing customer engagement while diversifying its product offerings in both consumer and business sectors. In the first nine months of 2025, card sales volume rose by 7.6% from the previous year. The introduction of the Apple Card portfolio should further this positive trend, contributing a high-value customer base and reinforcing the company’s long-term growth in the cards sector.