JPMorgan Chase & Co. and Apple Inc. announced JPM as the new issuer of Apple Card, replacing Goldman Sachs. The transition is expected in 24 months with a $2.2 billion provision for credit losses. JPM will acquire the Apple Card loan portfolio estimated to bring over $20 billion in balances.

Apple Card was launched in 2019 with Goldman Sachs but transitioned to JPMorgan due to GS’s consumer banking losses. JPM’s agreement with Apple strengthens its position in the credit card market and expands its consumer payments business, aiming to accelerate transaction volumes and reach more U.S. consumers.

JPMorgan’s card segment has been growing steadily, with a 7.6% increase in sales volume in the first nine months of 2025. The addition of the Apple Card portfolio is expected to further enhance growth. JPM’s shares have gained 15.6% in the past six months, holding a Zacks Rank #3 (Hold).

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Read more at Nasdaq: JPM to Take Over Apple Card, Plans to Record a $2.2B Provision in Q4