Apple announced Wednesday that JPMorgan Chase will replace Goldman Sachs as the issuer of the Apple Card. The transition, according to Apple, is expected to take up to 24 months.

While the banking partner is changing, the Apple Card will continue to operate on the Mastercard network. Apple assured consumers that there would be no immediate changes, including for those applying for new cards.

JPMorgan Chase said the deal would bring over $20 billion in card balances to its portfolio. The Wall Street Journal reported that Goldman Sachs is offloading this amount at a $1 billion discount. Goldman Sachs anticipates a $2.2 billion provision for credit losses related to the forward purchase commitment for the fourth quarter of 2025.

Rumors of the Apple-Goldman Sachs partnership ending had circulated for several years. Last year, The Wall Street Journal reported that JPMorgan was the likely candidate to become Apple's new partner.

Apple launched its credit card in 2019 in partnership with Goldman Sachs, emphasizing no late fees or penalty interest rates. The card offers up to 3% daily cashback on purchases from Apple and select partners, 2% from using Apple Pay, and 1% from using the physical card. The Apple Card aimed to integrate seamlessly with the iPhone and offer a user-friendly experience. The partnership with Goldman Sachs marked the investment bank's deeper push into consumer finance.