After years of uncertainty, Apple Card appears to be heading into a new chapter. JPMorgan Chase has reportedly reached a deal to take over Apple Card and Apple Savings, ending Goldman Sachs’ troubled run as Apple’s consumer credit partner. The agreement follows more than two years of negotiations and could be announced officially at any time, according to people familiar with the matter.
Goldman Sachs launched Apple Card with Apple in 2019, but the partnership soon faced challenges. While the card gained attention for its clean design and Apple Wallet integration, the business behind it struggled to turn a profit. As a result, Goldman began looking for an exit as early as 2023.
Why Goldman Sachs Is Stepping Away
Goldman Sachs’ problems with Apple Card ran deeper than low margins. Reports indicate the bank lost more than $1 billion from the business in 2022 alone. In addition, its platform solutions unit continued to post heavy losses in later years. These financial pressures made it difficult for Goldman to justify staying in the consumer credit space.
Moreover, regulatory scrutiny added to the strain. In late 2024, the Consumer Financial Protection Bureau fined Goldman Sachs over $90 million for billing errors and dispute-handling issues linked to Apple Card. Consequently, confidence in Goldman’s ability to manage a large consumer credit program weakened.
What JPMorgan’s Takeover Could Mean
JPMorgan Chase brings deep experience in consumer banking, which may help stabilize Apple Card. Under the reported deal, JPMorgan would assume control of roughly $20 billion in outstanding balances, reportedly at a discount that reflects higher delinquency rates among cardholders. Existing users would receive new Apple Cards issued by JPMorgan, although the transition may take time.
In addition, JPMorgan is expected to launch a new Apple Savings account. Users could choose whether to move their funds or remain with their current setup during the changeover.
Looking Ahead for Apple Card Users
For Apple, this move could restore momentum to its financial services ambitions. JPMorgan’s scale and expertise may improve customer support, compliance, and long-term stability. Meanwhile, cardholders are unlikely to see immediate changes, but the shift signals a more sustainable future for Apple Card.
Overall, the reported deal highlights how challenging consumer finance can be, even for major institutions. At the same time, it shows Apple’s determination to keep Apple Card alive by finding a partner better suited to the task.
