CoreCard's partnership with Apple may be at risk as Apple reportedly considers shifting to JP Morgan.

Apple's potential shift to JP Morgan for its credit card business could put CoreCard at significant risk, as the Georgia-based company is currently its largest client. CoreCard's credit card business is a major part of its revenue, and losing Apple as a client could have a substantial impact on its financials. The shift to JP Morgan could be a result of Apple ending its partnership with Goldman Sachs.

Apple's potential shift to JPMorgan for its credit card business could put Georgia-based CoreCard (NYSE:CCRD) at significant risk. CoreCard's credit card business is a major part of its revenue, and losing Apple as a client could have a substantial impact on its financials. The shift to JPMorgan could be a result of Apple ending its partnership with Goldman Sachs.

According to reports, Apple is close to finalizing a deal with JPMorgan Chase to take over its credit card program, currently handled by Goldman Sachs [1]. The Apple program involves about $20 billion in outstanding balances and was launched in 2019. The deal would further strengthen JPMorgan’s position in the U.S. credit card market and fits within the bank’s strategy to expand its retail banking operations [2].

CoreCard has helped provide Apple’s credit card with distinctive features, including bills on the first of the month and a payment wheel that shows users projected interest costs [3]. Apple is CoreCard’s biggest client, but that relationship could soon be at an end, as Apple winds down its own credit card partnership with Goldman Sachs.

CoreCard's partnership with Goldman Sachs began seven years ago and was a significant coup for the company. Days after the card was launched, CoreCard's valuation peaked at $490 million. However, because JPMorgan has in-house processing capabilities, CoreCard's CEO, Leland Strange, believes it is unlikely that the Apple card will remain with CoreCard in the long run if JPMorgan takes over as the issuer [3].

The challenges remain, including the absence of late payment penalties, which limits profitability and increases risk. CoreCard is in a unique and odd situation, as it is not used by any other major bank, with the payment-processing industry dominated by a handful of giants [3].

References:
[1] https://seekingalpha.com/news/4476956-apples-potential-shift-to-jp-morgan-puts-corecard-at-significant-risk---report
[2] https://www.marketscreener.com/news/a-jpmorgan-is-about-to-take-over-applea-s-credit-card-programa--ce7c5fd2de8bf423
[3] https://www.pymnts.com/credit-cards/2025/goldmans-apple-card-partner-faces-uncertain-future/