Apple Card Users Breathe Sigh of Relief as JPMorgan Chase Takes Over Issuance
In a move that marks a significant shift for Apple's consumer finance arm, the tech giant has announced that JPMorgan Chase will be the new issuer for its popular Apple Card. The news comes on the heels of a report by The Wall Street Journal, which revealed that the two companies had reached a deal to part ways with Goldman Sachs, the current partner behind the card.
Under the terms of the agreement, customers can continue to use their Apple Cards as usual for the next two years, with JPMorgan Chase taking over the issuance process. Mastercard will remain the payment network used by the Apple Card under this new partnership. While the change may bring some uncertainty for users, Apple has assured them that they will receive more information about any necessary actions in the coming months.
Sources close to the matter suggest that Goldman Sachs had been looking to exit its arrangement with Apple as early as a year ago. According to reports, the bank is reportedly offloading approximately $20 billion worth of outstanding customer balances at a significant discount – over $1 billion – as part of the deal. While details surrounding the new partnership are still scarce, it appears that JPMorgan Chase will be taking over the issuance and management of Apple Cards from Goldman Sachs.
For now, Apple Card holders can breathe a sigh of relief knowing that their financial obligations remain unchanged. However, it remains to be seen how this change will affect users in the long term, particularly as JPMorgan Chase ramps up its operations on the platform.
In a move that marks a significant shift for Apple's consumer finance arm, the tech giant has announced that JPMorgan Chase will be the new issuer for its popular Apple Card. The news comes on the heels of a report by The Wall Street Journal, which revealed that the two companies had reached a deal to part ways with Goldman Sachs, the current partner behind the card.
Under the terms of the agreement, customers can continue to use their Apple Cards as usual for the next two years, with JPMorgan Chase taking over the issuance process. Mastercard will remain the payment network used by the Apple Card under this new partnership. While the change may bring some uncertainty for users, Apple has assured them that they will receive more information about any necessary actions in the coming months.
Sources close to the matter suggest that Goldman Sachs had been looking to exit its arrangement with Apple as early as a year ago. According to reports, the bank is reportedly offloading approximately $20 billion worth of outstanding customer balances at a significant discount – over $1 billion – as part of the deal. While details surrounding the new partnership are still scarce, it appears that JPMorgan Chase will be taking over the issuance and management of Apple Cards from Goldman Sachs.
For now, Apple Card holders can breathe a sigh of relief knowing that their financial obligations remain unchanged. However, it remains to be seen how this change will affect users in the long term, particularly as JPMorgan Chase ramps up its operations on the platform.
First it was Amazon, then Google Pay, now Apple Card is switching to JP Morgan Chase... it just keeps going 
Anyway, $20 billion worth of outstanding balances getting offloaded at a discount? That sounds pretty shady if you ask me 
. And JPMorgan Chase takes over the issuance process, so we might see some changes in terms of interest rates or fees down the line 
. Not looking forward to it tbh 
. Remember when you had to actually sign a physical application at a bank branch? Now, it's all online and everything is so convenient... but sometimes I wonder if we've lost some of that personal touch 
. So, Apple switching up its credit card issuer... it's not surprising, I guess. JPMorgan Chase taking over, huh? Well, I hope it doesn't mess with the rewards program too much 
.
i was worried they were gonna mess with our benefits or something but it sounds like jpmorgan chase is just gonna take over the issuance part and mastercard is still good to go 
so yeah, let's hope for the best and that they won't make any major changes to how we use our cards 
, cant believe jpmorgan chase is taking over the issuance tho like what even happened with goldman sachs? theyre just offloading their debt to us or something 
. two years sounds like a really long time for apple to figure everything out but i guess we have no choice now 
. does anyone know how this will affect interest rates and stuff? hopefully not too bad 
.