NEW YORK, January 8, 2026 – JPMorgan Chase has agreed to take over the Apple Card credit card program from Goldman Sachs, acquiring the $17 billion loan portfolio and operational responsibilities in a deal that ends a challenging partnership launched in 2019.
The transaction, confirmed by sources close to the negotiations, keeps Apple as the brand owner, with the card maintaining its name, titanium design, and integration into the iPhone Wallet app. JPMorgan will handle customer service, underwriting, and compliance. Financial terms remain undisclosed.
Goldman Sachs, which incurred losses exceeding $1 billion on the venture due to high charge-offs and regulatory issues over complaint management, will phase out its role during 2026. The bank has been unwinding consumer lending initiatives.
JPMorgan, the largest U.S. bank by assets with over 100 million credit card accounts, sees the program’s 12 million users and digital features as a platform for growth and cross-selling.
Apple CEO Tim Cook assured continuity: “This transition will be seamless for cardholders,” preserving rewards like 3% cash back on Apple purchases and Daily Cash.
The shift resolves months of uncertainty after Goldman’s exit intent became public. Goldman informed staff internally, while JPMorgan plans to incorporate affected employees.
Apple introduced the card in 2019 to boost ecosystem loyalty and fee revenue. Despite rapid adoption, Goldman’s limited consumer credit experience contributed to operational difficulties and eventual withdrawal.
JPMorgan’s expertise could enhance stability and introduce new offerings, though privacy advocates highlight potential data implications with a traditional bank.
Regulatory approval is pending, with completion expected mid-2026.
