Chase Takes Over Apple Card

Apple announced that JPMorgan Chase will become the new issuer of Apple Card, taking over the program from Goldman Sachs. The transition is expected to take about 24 months, and the deal is set to move roughly $20 billion in Apple Card balances onto Chase’s platform while keeping Mastercard as the payment network. It marked one of the biggest shifts yet in Apple’s financial services strategy and a major win for Chase in the credit card world.