JPMorgan Chase Reaches a Deal To Take Over the Apple Credit Card

According to the Wall Street Journal (paywalled), Goldman Sachs is transferring Apple Card and Apple Savings to JPMorgan Chase. "It was clear in 2023 that Goldman Sachs would exit the consumer credit game, abandoning its Apple Card partnership with it," reports AppleInsider. "However, it has taken 26 months to reach a point where it can finally hand over issuing control to another bank." From the report: Goldman Sachs is reportedly expected to hand over the $20 billion of outstanding balances at a $1 billion discount. Such discounts are rare, and allegedly reflect the higher-than-average delinquency rate found with Apple Card holders. JPMorgan will have to issue new Apple Cards to existing users, but it may be some time before that is done. A new Apple Savings will be opened by JPMorgan as well, but users will be given the option to move or stay.

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