Chase Bets Big on Apple Card, Taking Over $20B Portfolio from Goldman

WILMINGTON, Del. – January 07, 2026 – In a landmark shift for the financial technology sector, Apple and Chase have announced that the banking giant will become the new issuer for the Apple Card. The deal involves Chase acquiring the program’s estimated $20 billion credit card portfolio from Goldman Sachs, which is making a strategic exit from the high-profile partnership after a tumultuous foray into consumer lending. The transition is expected to take approximately 24 months to complete.

The move marks a significant victory for Chase, cementing its dominance in the U.S. credit card market, while simultaneously serving as a cautionary tale about the challenges investment banks face when entering the mass-market consumer space. For millions of Apple Card users, the change promises continuity, but it also ushers in a new era for one of the most innovative credit products of the last decade.

A Strategic Retreat and a Calculated Gamble

Goldman Sachs’ departure from the partnership it helped launch in 2019 represents the culmination of its strategic retreat from consumer banking. The Apple Card, once the flagship product of its Marcus brand, ultimately proved to be a costly venture. The investment banking titan, accustomed to a Wall Street-centric clientele, struggled with the operational complexities and risk profile of a broad consumer credit portfolio. Reports indicate the firm faced billions in losses from its consumer division, with a significant portion attributed to the Apple Card program.

Underwriting challenges were a primary factor. To grow the portfolio rapidly, Goldman approved a larger-than-average segment of customers with lower credit scores. At one point, over a quarter of its card loans were reportedly held by individuals with FICO scores below 660. This led to higher-than-expected delinquency rates and credit losses, which stood in stark contrast to the more conservative risk profiles managed by seasoned consumer banks. The venture also attracted unwanted regulatory scrutiny, including a fine from the Consumer Financial Protection Bureau (CFPB) for mismanagement of customer disputes.

For JPMorgan Chase, the acquisition is a calculated gamble backed by decades of experience and market leadership. The bank announced it expects to recognize a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to the forward purchase commitment. This upfront accounting measure reflects the higher-risk nature of the incoming portfolio but also demonstrates Chase's robust capacity to absorb and manage such credit exposure. By acquiring the portfolio, Chase gains access to millions of digitally native, high-value Apple customers, presenting a massive opportunity for growth and cross-selling within its extensive financial ecosystem.

What the Transition Means for Apple Card Users

For current Apple Card holders, the message from all parties—Apple, Chase, and network partner Mastercard—is one of seamless continuity. During the 24-month transition period, customers are advised to continue using their cards as they normally would. The core features that defined the Apple Card experience are set to remain.

“We’re incredibly proud of how Apple Card has transformed the credit card experience for customers by delivering innovative tools that empower users to make healthier financial decisions,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in the official announcement. She added that Chase shares Apple's commitment to innovation and customer service.

The popular rewards program, offering up to 3 percent unlimited Daily Cash back on purchases, will continue. Likewise, features like the fee-free structure, Apple Card Family for sharing accounts, and Apple Card Monthly Installments for financing Apple products will be maintained. Mastercard will also remain the payment network, ensuring uninterrupted global acceptance.

However, some changes are inevitable under the new stewardship. While existing customer terms are expected to be honored, new applicants may face a different underwriting reality. Chase is known for its disciplined and data-driven approach to credit risk, which could mean stricter approval criteria for individuals with lower credit scores who might have qualified under Goldman Sachs. Furthermore, while existing Apple Savings accounts will remain with Goldman Sachs, customers will be given the option to move their funds to a new Apple-branded savings account that will be offered by Chase.

Reshaping the Co-Brand Credit Card Landscape

The handover of the Apple Card is more than a simple portfolio sale; it’s a realignment that sends ripples across the co-branded credit card industry. It underscores a critical lesson: for a tech giant like Apple, a successful financial product requires a banking partner with not only a strong brand but also immense scale, a robust balance sheet, and deep expertise in consumer credit management—all areas where Chase excels.

Allison Beer, Chase’s chief executive officer of Card & Connected Commerce, framed the partnership as a natural fit. “Apple is an iconic brand recognized globally for its innovation, design excellence, and commitment to delivering exceptional customer experiences,” she stated. “We’re proud to deepen our relationship by welcoming them as the newest partner in our industry-leading co-brand credit card program.”

The deal highlights the symbiotic, yet complex, relationship between Big Tech and Big Banking. While fintechs and tech companies drive innovation in user experience and digital integration, they rely on the regulatory compliance, risk management infrastructure, and funding capacity of established financial institutions. Goldman Sachs’ experience demonstrates that building a consumer credit operation from the ground up is a monumental task, even for a financial titan.

This partnership solidifies Chase's position at the top of the credit card food chain and serves as a powerful new customer acquisition engine. The ability to attract and integrate millions of loyal Apple users into its ecosystem gives Chase a significant competitive advantage over rivals like American Express, Citi, and Capital One.

The Future of Apple Card with Chase at the Helm

Looking ahead, the partnership with Chase opens new avenues for innovation for the Apple Card. With its vast array of financial products, Chase is uniquely positioned to expand the card’s utility. Industry observers anticipate significant cross-selling opportunities, with Chase potentially offering Apple Card holders preferential rates on mortgages, auto loans, and investment services, further embedding them within its financial ecosystem.

Chase's leadership in digital banking and its heavy investment in artificial intelligence could also translate into a more personalized and predictive cardholder experience. This could manifest as hyper-personalized rewards, proactive financial advice integrated into the Wallet app, and more sophisticated spending management tools that build on Apple’s original vision of promoting financial health.

Linda Kirkpatrick, Mastercard’s president of the Americas, expressed optimism for the future, stating, “The innovation on Apple Card has taken the consumer payments experience to the next level, and we look forward to delivering simple, secure, and seamless payments at global scale.”

As the transition unfolds over the next two years, the collaboration between the world's most valuable technology company and America's largest bank will be closely watched. The success of this new chapter will not only determine the future of the Apple Card but also set a new benchmark for what is possible at the intersection of technology and finance.