topic Re: Chase will take over Apple Card in Credit in the News

Chase will take over Apple Card

masscredit — Wed, 07 Jan 2026 22:25:51 GMT

Jan 7 (Reuters) - JPMorgan Chase (JPM) has reached a deal to take over Apple (AAPL) credit-card program from Goldman Sachs (GS), the Wall Street Journal reported on Wednesday, citing people familiar with the ‌matter.

The biggest U.S. bank will become the new issuer of Apple Card, one of ‌the largest co-branded credit-card programs in the country with about $20 billion in balances, the report said.

The potential deal would cement JPMorgan's position in the credit cards segment and mark another win for CEO Jamie Dimon, under ⁠whose leadership the bank ‌has become a dominant force in retail and investment banking.

JPMorgan will issue Apple Cards for both new and ‍existing customers, with the transition from Goldman Sachs expected to take time, according to the report.

The bank is also planning to launch a new Apple-branded savings account, while existing Apple savings customers at Goldman Sachs will be ‌able to choose whether to remain or move, the report said.

Goldman Sachs is expected to offload the roughly $20 billion of outstanding card balances at a more than $1 billion discount, the report said.

JPMorgan and Goldman declined to comment, while Apple did not immediately respond to a Reuters ⁠request for comment.

Talks between JPMorgan and Apple began in 2024, as Goldman Sachs sought to unwind a partnership that had once been a cornerstone of its consumer banking strategy.

Launched in 2019 in partnership ‍with Goldman Sachs, ⁠the Apple credit card offered perks such as no fees and cashback, but the bank's struggles in consumer banking prompted a rethink ⁠of the alliance.

Barclays and Synchrony Financial had also discussed partnering with Apple for ‌the credit card, Reuters reported last year.

JPMorgan Chase to take over Apple Card

crystal626 — Wed, 07 Jan 2026 20:48:31 GMT

(gift article) https://www.wsj.com/finance/banking/jpmorgan-chase-reaches-a-deal-to-take-over-the-apple-credit-card-4e214fb2?st=UbASsr&reflink=desktopwebshare_permalink

We will see what changes this brings. I'm cautiously optimistic. Chase has been pretty good to me so I'm okay with this.

Re: JPMorgan Chase to take over Apple Card

pizzadude — Wed, 07 Jan 2026 21:54:04 GMT

Looks like GS was quite eager to unload this off their balance sheet:

Goldman Sachs is expected to offload the roughly $20 billion of outstanding card balances at a more than $1 billion discount, according to people familiar with the matter

Re: JPMorgan Chase to take over Apple Card

crystal626 — Wed, 07 Jan 2026 21:55:39 GMT

@pizzadude wrote:
Looks like GS was quite eager to unload this off their balance sheet:

Goldman Sachs is expected to offload the roughly $20 billion of outstanding card balances at a more than $1 billion discount, according to people familiar with the matter

I'm curious to see how many people get their Apple Cards closed because Goldman took way too many risks with this product.

Re: Chase will take over Apple Card

masscredit — Wed, 07 Jan 2026 22:31:02 GMT

I burned Chase in my BK so they haven't shown me any luv since. How do things go with situations like this?

Re: Chase will take over Apple Card

pizzadude — Wed, 07 Jan 2026 22:34:19 GMT

Additional discussion in this thread in Credit in the News

Re: JPMorgan Chase to take over Apple Card

JamesS84 — Wed, 07 Jan 2026 22:54:34 GMT

JPM loves swooping in and taking over distressed assets with upside I’m optimistic too.

Re: JPMorgan Chase to take over Apple Card

masscredit — Wed, 07 Jan 2026 22:55:43 GMT

I burned Chase in my BK so they haven't shown me any luv since. How do things go with situations like this?

Re: Chase will take over Apple Card

pizzadude — Wed, 07 Jan 2026 22:57:30 GMT

@masscredit wrote:
I burned Chase in my BK so they haven't shown me any luv since. How do things go with situations like this?

I don't think Chase would shut down your account, assuming it eventually gets transferred over from GS, but this is just speculation.

Assuming your account has always been current / good standing then I don't think they'd carry their own grudge over onto your Apple card. Again this is my guess -- would they keep your CL from growing though? Possible but I think we'd just be guessing at this point.

Re: JPMorgan Chase to take over Apple Card

NoMoreE46 — Wed, 07 Jan 2026 23:01:56 GMT

Agree as a 5% discount is very decent.

@pizzadude wrote:
Looks like GS was quite eager to unload this off their balance sheet:

Goldman Sachs is expected to offload the roughly $20 billion of outstanding card balances at a more than $1 billion discount, according to people familiar with the matter

Re: JPMorgan Chase to take over Apple Card

pizzadude — Wed, 07 Jan 2026 23:07:58 GMT

@NoMoreE46 wrote:
Agree as a 5% discount is very decent.

@pizzadude wrote:
Looks like GS was quite eager to unload this off their balance sheet:

Goldman Sachs is expected to offload the roughly $20 billion of outstanding card balances at a more than $1 billion discount, according to people familiar with the matter

Yeah I think the article alluded to the fact that most CC portfolios sell for a Premium vs a discount. So all parties knows this will be hot, risky, messy.

Besides since when has Chase ever bought risky and / or improperly vetted assets and had any trouble with them

Re: Chase will take over Apple Card

crystal626 — Wed, 07 Jan 2026 23:23:54 GMT

@pizzadude wrote:
@masscredit wrote:
I burned Chase in my BK so they haven't shown me any luv since. How do things go with situations like this?
I don't think Chase would shut down your account, assuming it eventually gets transferred over from GS, but this is just speculation.

Assuming your account has always been current / good standing then I don't think they'd carry their own grudge over onto your Apple card. Again this is my guess -- would they keep your CL from growing though? Possible but I think we'd just be guessing at this point.

It's actually not unusual for people to get their accounts shut down in these transfers from one issuer to another after the new issuer evaluates their risk tolerance for existing accounts.

Re: Chase will take over Apple Card

pizzadude — Wed, 07 Jan 2026 23:32:46 GMT

@crystal626 wrote:
It's actually not unusual for people to get their accounts shut down in these transfers from one issuer to another after the new issuer evaluates their risk tolerance for existing accounts.

Agree, it is a possiblity, just my guess that @masscredit probably wouldn't be totally shutdown ; their siggy shows a large number of other open accounts and good CLs.

Re: Chase will take over Apple Card

swankytiger — Wed, 07 Jan 2026 23:52:08 GMT

So Chase is gonna clean house, I would assume. Be it closing accounts or chopping limits.

Re: Chase will take over Apple Card

CreditCuriosity — Wed, 07 Jan 2026 23:54:31 GMT

Hopefully Chase covered themselves they got a discount of a billion off on the purchase vs having to pay a premium for the customers. Also hopefully Apple covers some of the losses of the subprime garbage if things so sideways more than they already have.

Re: JPMorgan Chase to take over Apple Card

cashorcharge — Thu, 08 Jan 2026 00:11:40 GMT

You beat me to it!

https://www.apple.com/newsroom/2026/01/chase-to-become-new-issuer-of-apple-card/

Re: Chase will take over Apple Card

911gt34life — Thu, 08 Jan 2026 00:28:24 GMT

wondering if they going to cut those limted some have Like 70K 50K 40K

Re: JPMorgan Chase to take over Apple Card

AndrewF — Thu, 08 Jan 2026 01:00:32 GMT

@crystal626 wrote:
(gift article) https://www.wsj.com/finance/banking/jpmorgan-chase-reaches-a-deal-to-take-over-the-apple-credit-card-4e214fb2?st=UbASsr&reflink=desktopwebshare_permalink

We will see what changes this brings. I'm cautiously optimistic. Chase has been pretty good to me so I'm okay with this.

I guess Chase has been good to me since they let me back in after less than 6 years post-bk7 that included two Chase cards (on reconsideration).

I was almost afraid to ask given that they have a reputation for being up there with the less forgiving banks, but obviously from my experience and some others, at least getting the foot back in the door with the Amazon card, they're not quite as unforgiving if you burn them as Citi is.

Chase had sent settlement offers as my accounts were going bad, but they were for the amount spent on the card, sans interest and late fees, and that was still not going to fix my problems with the other banks, the finance company for my car, or the landlord.

It will be interesting to see how Chase rehabilitates the Apple card given that Apple's stipulations were exactly why Goldman lost so much money on it. Approve anyone with a pulse, high limits, designed to discourage paying interest. How do you profit with a card like that?

It's standard operating procedure with cobrands to maybe share some write-offs to get the bank to agree to soften approval requirements, but I don't think Apple even stepped in to offer that.

Re: Chase will take over Apple Card

DeeBee78 — Thu, 08 Jan 2026 01:15:10 GMT

@911gt34life wrote:
wondering if they going to cut those limted some have Like 70K 50K 40K

From what I have seen, those limits are the outlier, not the norm. Most people seem to have a $1-$20K limit on their Apple Cards.

Re: JPMorgan Chase to take over Apple Card

DeeBee78 — Thu, 08 Jan 2026 01:23:02 GMT

@AndrewF wrote:
@crystal626 wrote:
(gift article) https://www.wsj.com/finance/banking/jpmorgan-chase-reaches-a-deal-to-take-over-the-apple-credit-card-4e214fb2?st=UbASsr&reflink=desktopwebshare_permalink

We will see what changes this brings. I'm cautiously optimistic. Chase has been pretty good to me so I'm okay with this.
It will be interesting to see how Chase rehabilitates the Apple card given that Apple's stipulations were exactly why Goldman lost so much money on it. Approve anyone with a pulse, high limits, designed to discourage paying interest. How do you profit with a card like that?

Funny enough, I was never able to get approved for an Apple Card because of old chargeoffs. I was actually thinking about applying after I close on my house this summer, but if it's transistioning to Chase I might as well save myself the heartache and not bother.