The change was announced by Apple and Chase in a Wednesday (Jan. 7) press release, which added that Mastercard will remain the payment network for the Apple Card and that users of the Apple Card can continue to use the card.
“Chase shares our commitment to innovation and delivering products and services that enhance consumers’ lives,” Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said in the release. “We look forward to working together to continue to provide a best-in-class experience and exceptional service with the Apple Card.”
Allison Beer, Chase’s CEO of Card & Connected Commerce, said in the release: “We share a commitment to supporting consumer financial health, and we’re proud to deepen our relationship by welcoming [Apple] as the newest partner in our industry-leading co-brand credit card program.”
Goldman Sachs announced Wednesday in a separate press release that it entered into an agreement to transition the Apple Card program and accounts to Chase.
The financial institution added in the release that it will continue to operate the program until the transition is completed in about 24 months.
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“This transaction substantially completes the narrowing of our focus in our consumer business,” David Solomon, chairman and CEO of Goldman Sachs, said in the release.
He added later in the release: “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 in Global Banking & Markets and Asset & Wealth Management.”
It was reported in July that JPMorgan Chase and Apple were close to reaching a deal on the credit card program after negotiating it since early 2024.
Apple launched the credit card program in March 2019 in partnership with Goldman Sachs and Mastercard, with Apple CEO Tim Cook saying that “there are things about the credit card experience that could be so much better.”
It was reported in November 2023 that Apple decided to end its credit card partnership with Goldman Sachs and proposed an exit from their contract.
Goldman Sachs had informed Apple that it intended to offload the partnership after suffering significant losses in its attempt to build a full-service consumer operation, according to that report.
In October 2024, the Consumer Financial Protection Bureau said it would fine Apple and Goldman Sachs more than $89 million for alleged customer service violations that impacted hundreds of thousands of Apple Card users.
