JPMorgan Chase has reached an agreement to acquire the Apple credit card from its current issuer, Goldman Sachs, as announced by both banks in separate statements on Wednesday.
The deal, finalized after a year of negotiations, signifies an expansion for JPMorgan, a major player in credit cards and retail banking. JPMorgan will acquire more than $20 billion in card loans from Goldman, which has been pivoting away from consumer finance since 2022.
JPMorgan stated that the transaction will take approximately 24 months to finalize. The bank plans to record a $2.2 billion provision for credit losses in its fourth-quarter 2025 earnings report next week.
JPMorgan assured that customers will continue to enjoy the card's current perks, and it will remain operational on Mastercard's network.
"Chase shares our commitment to innovation and delivering products and services that enhance consumers' lives," said Jennifer Bailey, an Apple executive in charge of payments, in the release. "We look forward to working together to continue to provide a best-in-class experience."
This agreement enhances JPMorgan's relationship with a leading tech company, strengthening its standing as a prominent figure in American finance. Prior to this deal, JPMorgan was already the largest credit card issuer in the United States by purchase volume.
For Goldman Sachs, relinquishing the Apple Card business allows it to move beyond a challenging period under CEO David Solomon. Goldman had initially entered the credit card market with significant enthusiasm in 2019 by securing the Apple Card partnership over other issuers.
"This transaction substantially completes the narrowing of our focus in our consumer business," Solomon said in the release from Goldman. "We look forward to continuing to support our customers during the transition to a new issuer as we focus on advancing the strategy we laid out for our core franchises."
Goldman stated that the transaction is expected to enhance its earnings by 46 cents per share when it announces results next week.