U.S. bank JPMorgan Chase (JPM) has reached a deal to take over Apple’s (AAPL) credit card from its original issuer, Goldman Sachs (GS).
The deal, completed after a year of negotiations between the two financial institutions, means that JPMorgan will take over more than $20 billion U.S. in card loans from Goldman Sachs.
Goldman is exiting Apple’s credit card business as it moves away from consumer finance to focus on its core business of Wall Street deals such as mergers and acquisitions (M&A).
JPMorgan said that the deal will take about 24 months to complete and that it will book a $2.2 billion U.S. provision for credit losses when it reports fourth-quarter 2025 earnings.
The bank added that customers will continue to receive Apple’s existing credit card perks and the cards will continue to run on Mastercard’s (MA) network.
JPMorgan Chase, the world’s largest bank, is also the largest American credit card issuer by purchase volume.
Other financial giants had expressed interest in being the issuer of Apple’s credit card, including American Express (AXP) and Barclays Bank (BCS), but JPMorgan emerged as the winner.
The bank appears to have won concessions from Apple and is taking over the Apple Card portfolio at a discount of more than $1 billion U.S.
JPMorgan Chase is also reportedly planning to offer an Apple savings account as part of a bundle of financial services the iPhone maker provides.
JPM stock has gained 35% over the last 12 months to trade at $326.99 U.S. per share.
