JPMorgan Chase reached an agreement to assume issuance of the Apple Card, taking the portfolio from Goldman Sachs. This transfer involves a co-branded credit card portfolio holding approximately $20 billion in outstanding balances. The acquisition solidifies JPMorgan's leading position in the credit card market.
The agreement follows more than a year of negotiations. It represents a strategic victory for JPMorgan, allowing the bank to partner with Apple, one of the world's most valuable technology companies. Conversely, the move marks a significant step back from consumer lending ambitions for Goldman Sachs.
The transition of the portfolio is expected to take time. During this period, existing Apple Card customers will continue using their cards without interruption. Financial terms of the deal were not publicly disclosed.