JPMorgan Chase will reportedly take over the Apple Card credit card program from Goldman Sachs. The move positions the nation's largest bank as the new issuer for the portfolio.
The Apple Card portfolio ranks as one of the largest co-branded credit card programs in the US. The program currently holds approximately $20 billion in balances.
The transition will affect both new and existing customers, and the process is expected to take a significant amount of time. This shift marks a key development in Apple’s services and fintech strategy, moving the partnership from an investment banking giant to a leader in consumer credit cards.