"Apple announced today JPMorgan Chase will be the new issuer for the Apple Card. The official news arrived shortly after The Wall Street Journal reported that the two businesses had reached a deal regarding Apple's credit card service. According to the tech company, the transition to the new provider should take about two years to complete, but customers can continue to use their Apple Cards as usual during the interim."
"Goldman Sachs was Apple's collaborator when it launched the Apple Card in 2019. We've seen signs for a few years, though, that Goldman Sachs had been looking for a way out of its arrangement. Apple didn't disclose many details around either the current or future deals for its credit card, however the WSJ report claims the negotiations with JPMorgan Chase have been underway for more than a year."
Apple announced that JPMorgan Chase will become the new issuer for the Apple Card, with the transition expected to take about two years. Customers can continue using their Apple Cards during the transition and will receive further information if any action is required. Mastercard will remain the Apple Card payment network under the new partnership. Goldman Sachs served as the issuer when the Apple Card launched in 2019 and had been seeking an exit from the arrangement. Negotiations with JPMorgan Chase reportedly spanned more than a year. Goldman Sachs is offloading roughly $20 billion in outstanding customer balances at a discount exceeding $1 billion.
Read at Engadget
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