JPMorgan Chase is taking over the Apple Card

Apple has announced that JPMorgan Chase will become the new issuer for the Apple Card. This news follows a report from The Wall Street Journal confirming a deal between Apple and JPMorgan Chase. The transition to the new provider is expected to take approximately two years. During this interim period, customers can continue using their Apple Cards without any changes. Apple has published an FAQ stating that the current situation remains the same for users for now. Customers will be informed later if any specific actions are needed from them. Mastercard will continue to serve as the payment network for the Apple Card under this new arrangement. Goldman Sachs had been the original partner for the Apple Card since its launch in 2019. Signs had emerged over the past few years indicating Goldman Sachs was seeking to exit the partnership. While Apple provided few details on the deals, reports suggest JPMorgan Chase has been in negotiations for over a year.