The Apple Card ecosystem is undergoing a massive structural overhaul. Apple has officially announced that JPMorgan Chase will become the new issuer for the Apple Card, effectively replacing Goldman Sachs as the bank backing the popular credit card. This decision marks the end of a rocky, five-year partnership between Apple and Goldman, which had struggled to turn a profit on the consumer fintech venture.
Apple expects this complex transition to take approximately 24 months, ensuring a seamless migration of existing accounts to Chase’s infrastructure. While the core user experience—earning Daily Cash and managing spending via Wallet—should remain consistent, the shift is a significant win for JPMorgan. It validates the bank’s aggressive push into consumer digital lending, while allowing Goldman Sachs to focus on exiting its ill-fated consumer banking platform, Marcus. Existing users can expect further details on how the switch impacts their specific accounts as the migration date approaches.
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