In a significant shift for the fintech landscape, Apple has announced that JPMorgan Chase will become the new issuer of the Apple Card, effectively ending its turbulent partnership with Goldman Sachs. This transition marks a pivotal moment for the tech giant, moving away from a consumer banking model that struggled to profitability.
Apple expects the migration to take approximately 24 months, allowing for a seamless transfer of accounts for millions of users. For consumers, this change promises greater stability, as JPMorgan brings decades of credit card expertise compared to Goldman’s relative newcomer status. While the interface and Daily Cash rewards are expected to remain consistent, the backend switch could lead to improved credit management tools and potentially new introductory offers down the line.
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