In a move that marks the end of an era for Goldman Sachs’ retail banking ambitions, JPMorgan Chase has officially agreed to take over the Apple Card credit card portfolio. This transition, confirmed on January 8, 2026, cements Chase as Apple’s sole credit card partner and signals a major reshuffling in the consumer lending landscape.
After months of speculation, the terms of the transition are coming to light. Chase isn't just taking over the reins; it’s acquiring a massive piece of the pie at a strategic discount.
Portfolio Value: Approximately $20 billion in outstanding loans.
The Price Tag: Chase is reportedly acquiring the portfolio at a $1 billion discount (roughly 95 cents on the dollar).
Timeline: A transition period of approximately 24 months is expected to ensure a seamless handoff for users.
Beyond the Card: The partnership will also extend to Apple-branded savings accounts, integrating more of Apple’s financial ecosystem under the Chase umbrella.
For Goldman Sachs, this is the final chapter of a costly exit from "Main Street" banking. By offloading the portfolio, Goldman expects to release $2.5 billion in loan-loss reserves, providing a significant boost to its upcoming fourth-quarter earnings report.
For JPMorgan Chase, the move reinforces its dominance. With a credit card loan book already sitting at $235 billion (as of September), Chase remains a powerhouse second only to Capital One in the $1 trillion U.S. credit card market. Integrating the Apple Card allows Chase to tap into a tech-savvy, loyal demographic and further weave its consumer finance products into the Apple ecosystem.
What Changes for Apple Card Users?
The short answer: The perks you love aren’t going anywhere. Apple and Chase have emphasized that the core user experience will remain intact.
"We are incredibly proud of how Apple Card has revolutionized the credit card experience," said Jennifer Bailey, Apple’s VP of Apple Pay and Apple Wallet. "Chase shares our commitment to innovation and delivering products that enhance consumers’ lives. We look forward to working together to continue providing a best-in-class experience."
Cardholders can still expect:
1.Up to 3% Unlimited Daily Cash back.
2.Intuitive financial health and spending tools.
3.Seamless integration with Apple Wallet and Apple Card Family features.
This partnership pairs the world’s most valuable tech brand with the largest bank in the U.S. While Goldman Sachs steps back to focus on its institutional roots, Chase is leaning into the future of digital-first consumer finance. For the millions of Apple Card users, the transition promises a "business as usual" experience backed by the massive infrastructure of Chase.
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