Goldman Sachs is leaving the Apple Card partnership, but it has not exited yet. On January 7, 2026, Goldman announced an agreement to transfer the Apple Card program and associated accounts to Chase. The handover is expected to take approximately 24 months, subject to closing conditions and regulatory approvals. Until the transition is complete, Goldman Sachs continues to service Apple Card customers. Apple says cardholders do not need to take action right now.
What happened to the Apple Card partnership?
Apple Card launched in 2019 with Goldman Sachs Bank USA as its issuer. Goldman had hoped the partnership would help build a major consumer-banking business, but it later narrowed its strategy toward investment banking, markets, asset management and other core businesses.
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Reports in 2023 and 2024 said Apple and Goldman were looking for a way to end the arrangement. That discussion is now an agreement: Goldman is transferring the Apple Card program and associated accounts to Chase.
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No. The agreement was announced on January 7, 2026, but the transition is expected to take about 24 months. Goldman remains the servicing institution during the handover. Chase is the announced incoming issuer, but it is not accurate to say Chase is already servicing every Apple Card account.
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Timing is also not guaranteed to end on a specific date. Goldman’s announcement makes completion subject to regulatory approvals and other closing conditions.
What does the “more than $6 billion” loss figure mean?
The widely repeated figure does not mean Goldman lost $6 billion on Apple Card alone.
2024 reporting attributed more than $6 billion in cumulative pretax losses since the beginning of 2020 to a broad group of Goldman’s consumer-lending businesses, including credit cards. That group included activity beyond Apple Card, such as other consumer-loan portfolios and costs associated with unwinding or selling businesses.
The same reporting discussed credit losses and comparatively high charge-off rates in Goldman’s card portfolio. But those figures should not be presented as independently verified Apple Card-only losses. A separate quarterly hit discussed in the reporting was attributed primarily to the sale of the General Motors card relationship and real-estate loans, not solely to Apple Card.
Public estimates of the Apple Card portfolio also changed over time. 2024 reporting cited approximately $17 billion in balances, while Goldman’s 2026 announcement referred to an Apple Card credit-card portfolio exceeding $20 billion. The difference may reflect changing dates, accounting treatments or portfolio definitions.
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What Goldman’s 2026 disclosure adds
Goldman said the transition would affect fourth-quarter 2025 results in several ways:
- A $2.48 billion release of loan-loss reserves.
- A $2.26 billion reduction in net revenues, including effects from marking down the credit-card loan portfolio and contract-termination obligations.
- $38 million in expenses.
- An approximately $0.46 increase in diluted earnings per share.
These are accounting effects of the transition. They are not a statement that Goldman’s total Apple Card losses were $2.48 billion, $2.26 billion or $6 billion.
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Chase, formally JPMorgan Chase, is the announced new issuer. Mastercard remains the payment network. Apple continues to provide the consumer-facing brand and technology experience, while Goldman continues servicing accounts during the transition.
Apple and Chase say the planned experience will continue to include features such as up to 3% Daily Cash on eligible purchases, spending tools, Apple Card Family, Savings access and Mastercard acceptance. Those statements describe the announced product direction; they do not guarantee that every future account term will be identical to the current Goldman agreement.
What Apple Card users should do now
For now, existing cardholders should treat the account normally:
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- The FineWoven material in this accessory is made from 100 per cent post-consumer recycled content and significantly reduces carbon emissions compared to leather.
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- Keep using the card if it still suits you. Apple says customers can continue using Apple Card during the transition.
- Continue making payments under the current instructions. An issuer change does not erase an outstanding balance.
- Do not close the account or reapply solely because of the announcement. Apple says no action is currently required.
- Monitor official messages in Apple Wallet and communications from Apple, Goldman Sachs and Chase.
- Save statements and account records in case account numbers, payment instructions or servicing systems change.
- Watch for specific instructions about autopay, recurring payments, Apple Card Family members, credit reporting and any replacement card.
Applicants can still apply during the transition, but approval remains subject to eligibility and credit approval. The transition also may require different instructions for Apple Card Family co-owners and participants.
What will happen to Apple Card Savings?
Apple Card Savings is associated with the broader Apple Card relationship, but the available announcements do not establish every operational detail of its migration.
Do not assume that Savings will automatically move in exactly the same way as the credit-card account. Cardholders should wait for official instructions covering whether the Savings account migrates, whether a new agreement is required, and whether interest rates, withdrawals, routing information or the underlying banking arrangements change.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is known about rewards, credit reports and terms?
Apple says the current experience continues during the transition and that its privacy and security commitments remain unchanged. Apple also says credit reports will eventually identify Chase as the issuer.
However, the final Chase-era terms have not all been established in the available materials. Readers should not assume that the following are guaranteed to remain unchanged:
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- Annual percentage rates or credit limits.
- Underwriting and eligibility standards.
- Card numbers or account numbers.
- Daily Cash rules or installment features.
- Savings interest rates or account procedures.
- Servicing channels and autopay arrangements.
Those details should come through formal account disclosures rather than online speculation.
Why Goldman wanted to leave
The exit reflects a strategic retreat from consumer finance, not simply a technology disagreement with Apple. Goldman’s consumer-lending expansion produced losses and operational costs while the company decided to concentrate more heavily on its established businesses.
Apple Card was a prominent part of that experiment, but the reported $6 billion figure covered a broader consumer-lending group. Separating those facts is important: Goldman is leaving a high-profile partnership, but the available evidence does not support attributing all of its consumer losses to Apple Card.
Bottom line for cardholders
Goldman Sachs has agreed to leave Apple Card, and Chase is the announced successor. But the transition is expected to take approximately two years, so Goldman remains responsible for servicing customers for now. Existing users generally do not need to cancel, reapply or change payment arrangements today. Continue making payments, save account records and rely on official Apple Card transition notices for instructions about the final migration.
For the latest account-specific information, consult Apple’s transition page, the Apple Card support page and future communications from the issuer.
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