Apple Card is moving to Chase, here’s everything we know

Chance Miller | Feb 12 2026 - 12:29 pm PT

After multiple years of speculation, last month Apple officially announced that Chase is set to become the new issuer of Apple Card. Apple says the transition from Goldman Sachs to Chase will occur in approximately 24 months. Here’s everything we know about what this transition means for Apple Card users …

Why is Goldman Sachs ditching Apple Card?

In January 2022, Goldman Sachs revealed that it had lost over $1 billion on its Apple Card partnership since 2020. At the time, however, the company claimed it was still “committed” to the partnership with Apple despite those losses.

How did Goldman lose so much money on Apple Card? First, the bank approved large number of customers with lower credit scores than its traditional clientele, which led to higher-than-anticipated default rates. According to figures cited by The Wall Street Journal, Apple Card’s subprime borrowing rate is 34%, which is higher than Chase (15%) and Capital One (31%). Apple Card’s delinquency rate is 4%, which is higher than the industry average of 3.05%. Goldman has a 2.93% net charge-off rate, double that of Chase and Bank of America.

At the same time, the Apple Card’s consumer-friendly features, such as no fees, limited Goldman’s ability to generate revenue or cut costs.

As those losses continued to mount, however, Goldman decided it wanted out of the deal with Apple. In 2023, a report said that Goldman had started talks with American Express about taking over the Apple Card partnership.

At the same time, Goldman also started to pull back entirely from the consumer finance business. It scaled back its Marcus personal finance brand and shuttered its co-branded GM credit card.

Apple reportedly talked to multiple other companies about taking over Apple Card, including American Express, Capital One, and Synchrony. Ultimately, Apple and Goldman settled on a deal with Chase.

Through this deal, Goldman Sachs is offloading the entirety of the $20 billion of outstanding Apple Card balances to Chase at a discount of $1 billion. This is highly abnormal. Generally, balances are sold at a premium of at least 8%, according to The Wall Street Journal. This signals just how important it was for Goldman Sachs to get out of this partnership.

Apple Card + Chase

Apple says that Apple Card’s transition from Goldman Sachs to Chase will occur in approximately 24 months. As of right now, Apple’s website says there is nothing that Apple Card users need to do to migrate their account to Chase.

We’re still waiting on a lot of the details about what a Chase version of the Apple Card will look like. On its website, Apple has a page where it explains the “Apple Card Issuer Transition.”

This website, however, focuses on providing information on “using Apple Card during the transition period.” Apple says that additional details “regarding the transition will be shared with all Apple Card users as the transition date approaches.”

During the transition period, here’s what Apple says:

Existing Apple Card users won’t need to apply again.
Cardholders will continue earning up to 3% unlimited Daily Cash on purchases.
Apple Card will still run on the Mastercard network.
For now, payments should be made the same way as today. After the transition, Apple Card balances for active accounts will be issued by Chase.
Apple Card will continue to be managed through the Wallet app on iPhone.
The current physical Apple Card will keep working as normal.
Apple will provide updates if any changes to physical cards are required.
Apple Card Monthly Installments will still be available for Apple purchases made in Apple Stores, on apple.com, and in the Apple Store app.
Apple Card will continue to have no annual fee, no late fees, and no foreign transaction fees.
After the transition, credit reports will list Chase as the issuing bank for Apple Card.

Again, all of this is information for during the transition. It’s still unclear what Chase will change once the transition is officially finalized.

Apple Card Savings Account

One of the most popular parts of Apple Card is the Apple Card Savings Account. This is a high-yield savings account operated by Goldman Sachs exclusively for Apple Card customers.

The Wall Street Journal reports that Chase will launch a new Apple savings account as part of its Apple Card deal. Additionally, customers with an existing Apple Card Savings Account will get to “decide whether they want to stay there or open an account with JPMorgan.”