Chase to Replace Goldman Sachs as Apple Card Issuer

Apple announced yesterday that Chase will replace Goldman Sachs as the new issuer of the Apple Card in the US. The transition is expected to happen in approximately 24 months, and Mastercard will remain the payment network for Apple Card.

The Apple Card was initially launched in 2019, allowing users to make payments worldwide without any fees. Apple Card users can also earn Daily Bash back with every purchase, and the card also integrates with Face ID, Touch ID, and Apple Pay. In April 2023, Apple also launched a high-yield savings account for Apple Card users.

Despite some early momentum, Apple’s partnership with Goldman Sacks has been costly for the latter, with the bank claiming back in January 2023 that it had lost roughly $3 billion on its consumer lending business since 2020. In October 2024, the Consumer Financial Protection Bureau (CFPB) also fined Apple and Goldman Sachs $89 milion due to Apple Card failures.

Apple had reportedly been trying to end its Goldman Sachs Partnership on Apple Card for years, and this is finally happening. The company plans to share more details with customers closer to the transition, but in the meantime, Apple Card users can continue using their card without any changes to the service.

“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. “Chase shares our commitment to innovation and delivering products and services that enhance consumers’ lives. We look forward to working together to continue to provide a best-in-class experience and exceptional customer service with Apple Card.”