JPMorgan Chase to Become New Issuer of Apple Credit Card

Core Insights - JPMorgan Chase is set to become the new issuer of the Apple credit card, with an announcement expected soon following over a year of negotiations [2][5] - Goldman Sachs will offload the credit card program, which has $20 billion in outstanding balances, at a discount exceeding $1 billion due to high exposure to subprime borrowers and a delinquency rate above the industry average [2][3] - JPMorgan Chase plans to issue Apple credit cards for both new and existing customers and will introduce a new Apple savings account alongside existing accounts at Goldman Sachs [4] Company Developments - The transition from Goldman Sachs to JPMorgan Chase comes after Apple decided to end its partnership with Goldman Sachs, which began in March 2019 [5] - Goldman Sachs has faced significant losses in its consumer operation efforts, prompting the decision to offload the partnership [6] - The Consumer Financial Protection Bureau announced a fine of over $89 million against Apple and Goldman Sachs for alleged customer service violations affecting numerous Apple Card users [6]