The $20B Handover: Apple Card Dumps Goldman Sachs for JPMorgan Chase

The article, dated 9 January 2026, reports that Apple has announced a definitive strategic alliance with JPMorgan Chase to become the new issuer of the Apple Card. According to Wall Street Journal reports, JPMorgan Chase will succeed Goldman Sachs as the primary issuer, while Mastercard will continue as the payment network, with rumours of a migration to Visa dismissed.

The transition of existing cardholder data will unfold over a preliminary two-year period, during which user benefits and privileges are to remain undisturbed. Apple also stated that the migration will be gradual, with ongoing migration details communicated to customers as needed. Insiders are cited as suggesting that Goldman Sachs transferred approximately $20,000 million in outstanding customer balances to JPMorgan Chase at a discount exceeding $1,000 million as part of ending the partnership that began in 2019.

The article emphasises that the goal is a carefully managed handover, preserving the Apple Card’s functionality and user experience throughout the process.