Apple revealed that JPMorgan Chase is set to become the issuer for the Apple Card. This confirmation came soon after a Wall Street Journal article detailed an agreement between the companies on the credit card program. The tech giant stated the shift to the new issuer will span roughly two years, allowing users to keep using their cards without interruption in the meantime. An FAQ on the update has been released by Apple, emphasizing that operations remain unchanged for now and that cardholders will get updates if any steps are needed later. The partnership will keep Mastercard as the payment network for the Apple Card.
The Apple Card debuted in 2019 with Goldman Sachs as its issuing partner. Indications over recent years suggested Goldman Sachs wanted to end the collaboration. While Apple shared limited information on the existing or upcoming credit card agreements, the Wall Street Journal indicated talks with JPMorgan Chase lasted over a year. Informants shared with the outlet that Goldman Sachs plans to transfer around $20 billion in customer debt for a reduction exceeding $1 billion.