Goldman Sachs is out as the bank behind the Apple Card. Apple announced Wednesday that Chase will become the new issuer of the credit card.
The tech giant and the bank promise that features — including up to 3% unlimited Daily Cash back on purchases — will not change, even though Goldman Sachs will no longer issue the Apple Card.
Chase takes over Apple Card in major credit card shake-up
Apple Card launched in 2019 as Apple’s first major move into consumer credit, created in partnership with Goldman Sachs and integrated deeply into the iPhone’s Wallet app. Designed to simplify credit cards for consumers, it offers real-time spending info, Daily Cash rewards, no fees, and strong privacy protections. Apple positions it as a more user-friendly alternative to traditional cards. Plus, there’s the spiffy, laser-etched physical card made of titanium.
It will soon be up to Chase to handle the financial side of the credit card, now that Goldman Sachs has bowed out of the partnership.
“We’re incredibly proud of how Apple Card has transformed the credit card experience for customers by delivering innovative tools that empower users to make healthier financial decisions,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in a statement. “Chase shares our commitment to innovation and delivering products and services that enhance consumers’ lives. We look forward to working together to continue to provide a best-in-class experience and exceptional customer service with Apple Card.”
Don’t panic
The transition from Goldman Sachs to Chase is expected to take approximately 24 months. Those who have an Apple Card can read a FAQ on the transition, but it essentially says that nothing is changing for consumers.
“During this transition, existing Apple Card users can continue to use their card as they normally do and enjoy the full Apple Card experience,” said the Mac maker.
Why Goldman Sachs wanted out
Reports that Goldman Sachs wanted to end its partnership with Apple date back to 2023. It reportedly got out because the partnership has proven far less profitable than expected. The card’s consumer-friendly terms, including no annual fees, late fees or foreign transaction fees, limit revenue. And Apple insisted it issue cards to a riskier customer base than the bank would have preferred, leading to higher credit losses and costly reserves. At one point, the bank was reportedly down $3 billion on the deal.
At the same time, Goldman faced operational strain and regulatory scrutiny tied to dispute handling and customer service. In 2024, the Consumer Financial Protection Bureau imposed $90 million in penalties for customer service failures and misleading practices affecting Apple Card users.
Ed Hardy has been writing full-time about tech for 25 years, and using it for much longer than that. His intro to Apple was a Macintosh Classic II (which he still has), but now he uses a 13-inch iPad Pro as his primary computer. He’s written for NotebookReview, TabletPCReview, and Brighthand, as well as other sites.
