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.

The change in banking partner will not affect the card's functionality for consumers, and the Apple Card will continue to operate on the Mastercard network. Apple stated that there will be no immediate changes for existing cardholders or those applying for new cards.

JPMorgan Chase anticipates the deal will 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 expects 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 have 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 the absence of late fees or penalty interest rates. The card offers a tiered cashback system: up to 3% daily cashback on purchases from Apple and select partners, 2% from using Apple Pay, and 1% from using the physical card.