The era of the Apple Card is undergoing a massive structural change. After months of rumors regarding the dissolution of the partnership between Apple and Goldman Sachs, it has been confirmed that JPMorgan Chase will become the new issuer of the Apple Card.
This shift marks the end of Goldman Sachs’ ambitious foray into consumer banking, a venture that proved more costly and complex than the investment bank anticipated. For Apple, securing JPMorgan—a legacy heavyweight in finance—provides a stable infrastructure for its financial services moving forward.
The Timeline:
Consumers shouldn’t expect immediate changes to their accounts. Apple expects the transition to take approximately 24 months. During this period, the technical migration of accounts and credit data will occur, aiming for a seamless experience for the millions of Apple Card holders. This deal also resolves the regulatory uncertainty surrounding the earlier exit of Goldman Sachs.
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