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JPMorgan Chase Takes Over Apple Card: What Cardholders Need to Know
July 1, 2025
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Major changes are coming to the Apple Card. JPMorgan Chase has reached an agreement to take over the Apple credit card program from Goldman Sachs, marking one of the most significant shifts in the credit card industry this year.If you're an Apple Card holder or considering applying for one, here's everything you need to know about this transition and what it means for your wallet.
The Deal: America's Largest Bank Takes the Reins
JPMorgan Chase, the largest bank in the United States, will become the new issuer of the Apple Card in a deal that's been negotiated for over a year. The program includes approximately $20 billion in outstanding credit card balances, making it one of the largest co-branded credit card programs in the country. According to reporting by The Wall Street Journal, the deal is expected to be announced soon and represents the final chapter of Goldman Sachs' unsuccessful venture into consumer lending.
[[ SINGLE_CARD * {"id": "145", "isExpanded": "false", "bestForCategoryId": "52", "bestForText": "Apple Pay Users", "headerHint" : "No Annual Fee" } ]]
What This Means for Current Apple Card Holders
Your Card Will Still Work
If you currently have an Apple Card, don't panic. The transition from Goldman Sachs to JPMorgan Chase will take time, as is standard with card program transfers. Both new and existing cardholders will eventually have JPMorgan-issued Apple Cards.
Apple Savings Account Changes
JPMorgan plans to launch a new Apple savings account to replace the current Goldman Sachs offering. If you have an existing Apple savings account, you'll have a choice: keep your account with Goldman Sachs or transfer to the new JPMorgan account.
What Likely Won't Change (Immediately)
The Apple Card's signature features - including its cashback rewards structure, integration with Apple Wallet, and the titanium physical card - are expected to remain intact during the transition. However, changes to benefits and terms could come later as JPMorgan puts its stamp on the program.
Why the Switch Is Happening
Goldman Sachs' Consumer Banking Exit
Goldman Sachs launched the Apple Card in 2019 with ambitious plans to become a major player in consumer banking. However, the venture proved costly. The bank has lost more than $7 billion on its consumer lending businesses since 2020.The Apple Card program specifically faced challenges with higher-than-average delinquency rates and significant exposure to subprime borrowers. These issues led Goldman to begin exiting consumer lending in late 2022.
The Discount Details
Goldman Sachs is selling the approximately $20 billion in card balances at a discount of more than $1 billion - a rare occurrence in the credit card industry. Typically, card portfolios sell at a premium of up to 8%, sometimes higher for strong programs. The discount reflects concerns about potential losses on the outstanding balances.
Navigating Card Program Changes: Why Having Options Matters
Transitions like this highlight an important principle in credit card strategy: relying on a single card can leave you vulnerable when issuers change terms, benefits, or ownership. The smartest approach is building a diversified wallet where you can maximize rewards regardless of what happens with any individual card.
This is where Kudos comes in. Rather than worrying about tracking multiple cards, rewards rates, and bonus categories yourself, Kudos automatically:
- Analyzes every purchase to recommend your best-earning card
- Adjusts recommendations instantly when issuers change benefits or rates
- Helps you discover cards that fill gaps in your current rewards strategy
- Helps you decide if you should keep your Apple Card or ditch it
- Keeps earning you maximum rewards even during transitions like the Apple Card changeover
With 2+ million merchants in our database, Kudos ensures you're always using the optimal card - whether that's your Apple Card, or one of the other cards in your wallet that might earn more for specific purchases.
What JPMorgan Gets from This Deal
For JPMorgan Chase, the Apple Card represents a valuable addition to its already dominant position in credit cards:
- Access to loyal Apple customers who can be cross-sold other financial products
- Strengthened position in mobile payments and digital wallets
- Partnership with Apple at a time when payments increasingly happen through phones, watches, and other devices
The deal cements JPMorgan's status as a powerhouse in the credit card sector.
What Apple Gets from the Partnership
Apple benefits from partnering with a bank that has:
- Extensive consumer banking infrastructure and experience
- Resources to support a large-scale credit card program
- Ability to help finance and sell more Apple products to customers
A Long Search for a New Partner
The search for a new issuer has been underway for more than two years. Goldman Sachs and Apple approached numerous potential partners, including:
- American Express
- Capital One
- Synchrony Financial
- Various fintech companies
- Private credit firms
Concerns about the program's delinquency rates and potential losses reportedly slowed deal negotiations and caused hesitation from multiple banks before JPMorgan agreed to the terms.
What Apple Card Holders Should Do Now
Quick Action Plan:
- Monitor official communications about the transition
- Review your current rewards strategy with all your cards
- Use Kudos to ensure you're maximizing rewards during and after the transition
- Consider whether you need additional cards to complement the Apple Card
- Don't close your account until you see JPMorgan's final terms and benefits
Monitor Your Accounts
Keep an eye on your email and Apple Wallet for official communications about the transition timeline and any required actions.
Use This Transition as an Opportunity to Optimize Your Wallet
Transitions like this are the perfect time to evaluate your entire credit card strategy. Rather than relying on a single card, building a well-rounded wallet can help you maximize rewards across all your spending.
How Kudos Can Help. Install Our Free Browser Extension or Mobile App – Available for Chrome, Safari, Edge, and iOS. Setup takes less than a minute and positions you to:
- Get instant recommendations for which card earns the most at over 2 million merchants
- Track your rewards across all your cards in one place
- Discover better cards that might complement or outperform your Apple Card for specific purchases
- Never miss bonus categories - Kudos remembers rotating rewards calendars so you don't have to
With the Apple Card transitioning, now is an ideal time to ensure you're getting maximum value from every card in your wallet.
Review Your Rewards Strategy
While changes aren't expected immediately, this is a good time to review your credit card rewards strategy. The Apple Card offers:
- 3% cash back on Apple purchases and select merchants
- 2% cash back on purchases made with Apple Pay
- 1% cash back on all other purchases
Consider whether these rates still align with your spending patterns compared to other cards in your wallet.
How Kudos Can Help: Use Kudos to analyze which card in your wallet earns the most rewards for each purchase. Many cardholders don't realize they have better options for specific categories - Kudos automatically recommends your best card at checkout, ensuring you're maximizing rewards even when the Apple Card isn't your top earner.
Don't Close Your Account Prematurely
Unless you have specific concerns, there's no reason to close your Apple Card account before the transition is complete. Wait to see what JPMorgan's terms and benefits will be before making any decisions.
Check Your Credit Score
Use this as an opportunity to check your credit score and ensure your account is in good standing. Any changes to terms or benefits will be easier to navigate if your account is current. You can check your credit score for free with Kudos.
Maximizing Your Apple Card in a Multi-Card Strategy
The Apple Card can be a valuable part of your wallet, but it shouldn't be your only card. Here's how to optimize it alongside other cards.
Where the Apple Card Excels
- Apple purchases: 3% cash back is solid for Apple products and services
- Apple Pay transactions: 2% back is competitive for mobile payments
- No foreign transaction fees: Great for international travel
Where Other Cards Often Beat It
- General purchases: Many cards offer better than 1% back
- Grocery stores: Cards with 3-6% grocery rewards outperform the Apple Card
- Gas stations: 3-5% gas cards beat the Apple Card's 1-2%
- Dining: Several cards offer 3-4% on restaurants vs. Apple Card's 2%
- Rotating categories: 5% category cards can significantly outperform
This is where Kudos shines: Instead of mentally calculating which card to use or missing out on better rewards, Kudos instantly tells you which card earns the most for every single purchase. Shopping at Whole Foods? Kudos might recommend your grocery rewards card. Buying the new iPhone? Kudos will confirm the Apple Card is your best choice. Booking travel? Kudos will compare all your cards to find the maximum rewards. You keep the simplicity of the Apple Card experience while ensuring you're never leaving money on the table.
Timeline and Next Steps
While an official announcement is expected soon, the actual transition will likely take months or longer to complete. Card program migrations are complex and require:
- Regulatory approvals
- Systems integration
- Customer communications
- Account transfers
Current Apple Card holders should expect to receive detailed information about the transition process once the deal is officially announced. We will keep you posted as we learn more, as well.
How Apple Card Compares to Other No-Fee Cashback Cards
Capital One Quicksilver Cash Rewards Credit Card
Capital One Savor Cash Rewards Credit Card
Discover It Cash Back Credit Card
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Bottom Line
The JPMorgan Chase takeover of the Apple Card marks a significant shift for one of the most high-profile credit card programs launched in recent years. While the immediate impact for cardholders will be minimal, this transition serves as an important reminder: the credit card landscape is always evolving.
The smartest move? Don't put all your rewards eggs in one basket. Build a diversified wallet and use tools like Kudos to maximize every purchase, regardless of what changes come to individual card programs.
How Kudos Helps You Stay Ahead
Whether the Apple Card improves, stays the same, or decreases in value under JPMorgan, Kudos ensures you're always earning maximum rewards:
✓ Automatic card recommendations at 2+ million merchants
✓ Real-time updates when issuers change benefits or rates
✓ Personalized card suggestions based on your actual spending
✓ Unified rewards tracking across all your cards
✓ Boost opportunities to earn even more at select merchants
The Apple Card might be transitioning, but your rewards strategy doesn't have to skip a beat.
Get started with Kudos: Download our free browser extension or mobile app to start maximizing your credit card rewards today. Join thousands of users who earn an average of $750+ more per year by always using the right card.
Unlock your extra benefits when you become a Kudos member
Turn your online shopping into even more rewards
Join over 400,000 members simplifying their finances
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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