- JPMorgan Chase will replace Goldman Sachs as Apple Card issuer, taking on more than US$20B in balances, with a roughly 24-month, regulator-dependent transition.
- JPMorgan expects to book a US$2.2B Q4 2025 credit-loss provision tied to the forward-purchase commitment, while Goldman plans to release about US$2.5B in reserves that lifts earnings but is partly offset by termination and markdown costs.
- Cardholders should see little change during the switch, with Mastercard staying as the network and Apple Card rewards and features remaining intact.
- The deal reinforces JPMorgans scale in co-branded cards and advances Goldmans ongoing retreat from consumer banking.
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The recent announcement that JPMorgan Chase (JPM) will take over the Apple Card program from Goldman Sachs (GS) is a structurally significant shift in the U.S. co-brand credit-card landscape. The portfolio being transferred—loans outstanding that once flowed through Goldman’s consumer bank—is worth over US$20 billion. ([apnews.com](https://apnews.com/article/ca8381015c693abd7bb16d37c39af539?utm_source=openai)) While the transaction won’t formally close until approximately two years from now, JPMorgan is preparing ahead, reserving US$2.2 billion in Q4 2025 for expected credit losses tied to a forward-purchase commitment. ([reuters.com](https://www.reuters.com/business/finance/jpmorgan-reaches-deal-take-over-apple-credit-card-wsj-reports-2026-01-07/?utm_source=openai))
Goldman Sachs, by contrast, will release about US$2.48–US$2.5 billion in loan-loss reserves, contributing approximately US$0.46 per share in Q4 2025 earnings. However, that benefit will be partly offset by roughly US$2.26 billion in reduced net revenues from the portfolio markdown and contract termination costs, plus about US$38 million in expenses. ([finance.yahoo.com](https://finance.yahoo.com/news/jpmorgan-reaches-deal-over-apple-213425232.html?utm_source=openai))
Consumers reportedly will see minimal disruption: Apple’s rewards structure (up to 3 %
Supporting Notes
- JPMorgan Chase will become the new issuer of the Apple Card, replacing Goldman Sachs; the transition is expected to take approximately 24 months and is subject to regulatory approvals. ([jpmorganchase.com](https://www.jpmorganchase.com/newsroom/press-releases/2026/chase-to-become-new-issuer-of-apple-card?utm_source=openai))
- The deal will bring over US$20 billion in card balances onto the Chase platform. ([apnews.com](https://apnews.com/article/ca8381015c693abd7bb16d37c39af539?utm_source=openai))
- JPMorgan expects to record a US$2.2 billion provision for credit losses in Q4 2025 related to its forward-purchase commitment. ([nasdaq.com](https://www.nasdaq.com/articles/jpm-take-over-apple-card-plans-record-22b-provision-q4?utm_source=openai))
- Goldman Sachs needs to release strong loan-loss reserves (~US$2.5B) and will see an additional ~US$0.46 EPS benefit for Q4, offset by revenue markdowns and other costs. ([finance.yahoo.com](https://finance.yahoo.com/news/jpmorgan-reaches-deal-over-apple-213425232.html?utm_source=openai))
- The Mastercard network will continue to serve as the payment network for the Apple Card; Apple Card features (3% cash-back, family sharing, high-yield savings) will remain in place through the transition. ([jpmorganchase.com](https://www.jpmorganchase.com/newsroom/press-releases/2026/chase-to-become-new-issuer-of-apple-card?utm_source=openai))
- Goldman Sachs has been systematically exiting consumer banking: prior moves include the sale of the GM credit card business, GreenSky, other seller financing assets, etc. ([macrumors.com](https://www.macrumors.com/2025/07/29/apple-card-jpmorgan-chase-report/?utm_source=openai))