The Apple Card is getting a massive banking overhaul. Apple has officially announced that JPMorgan Chase will become the new issuer of the Apple Card, replacing the current lender, Goldman Sachs. This decision brings an end to the tech giant’s somewhat turbulent five-year partnership with the Wall Street bank, which had been looking to offload its consumer credit operations.
According to reports, the transition isn’t happening overnight. Apple expects this complex migration of accounts to take approximately 24 months to complete. During this period, existing users shouldn’t expect immediate changes to their cards or accounts, but the backend infrastructure will gradually shift to Chase’s platform.
Why this matters: This move stabilizes the future of the Apple Card. While Goldman Sachs was eager to exit the consumer lending space, JPMorgan Chase brings decades of credit card expertise and a massive existing infrastructure. For Apple, this ensures the longevity of its financial services product without the operational hiccups that plagued its initial launch with Goldman.
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