JPMorgan Nears Deal to Take Over Apple Card from Goldman Sachs Over Regulatory and Financial Challenges

JPMorgan Chase is nearing a deal to assume responsibility for the Apple Card program from Goldman Sachs, marking a significant shift in Apple’s consumer finance strategy and reflecting Goldman’s long-standing efforts to exit the partnership [1][2][3][4][5][6]. The Apple Card, launched in 2019, has grown to hold approximately $20 billion in credit lines, making it a critical component of Apple’s financial services division [4]. Goldman Sachs initiated discussions to offload the program as early as November 2023, when Apple first proposed terminating their contract, citing regulatory, technical, and financial challenges [7].

Goldman’s management of the Apple Card has been plagued by controversies, including a 2024 settlement with the Consumer Financial Protection Bureau (CFPB) that imposed a $45 million fine on the bank and a $25 million penalty on Apple [1]. The CFPB found that the institutions misled customers about interest-free payment plans, mishandled dispute resolutions, and operated flawed systems at the card’s 2019 launch [1]. The regulator also barred Goldman from issuing new credit cards without a regulatory compliance plan [1]. These issues, coupled with the program’s rapid growth and reserve requirements for loan losses, strained Goldman’s balance sheet and prompted its exit [2].

JPMorgan’s involvement in the talks underscores its ambition to strengthen its position as the largest credit card issuer in the U.S. by purchase volume [6]. Analysts suggest the partnership could enhance JPMorgan’s digital banking initiatives, leveraging Apple’s 650 million monthly active device users and its integrated financial tools [4]. However, JPMorgan is reportedly seeking changes to the Apple Card’s structure, including aligning billing dates to the start of the month and potentially accepting below-face-value payments for the loans due to existing losses [1].

The transition remains contingent on regulatory approvals and finalized terms, though no timeline has been disclosed [5]. For Apple, the shift represents an opportunity to stabilize its financial services offerings while maintaining control over user data and the card’s unique features, such as daily cashback rewards and Apple Wallet integration [8]. Goldman, meanwhile, has focused on scaling its asset management and wealth services divisions, a strategy it has publicly emphasized [1].

Source: [1] Global Chip Shortage Deepens,[https://www.cnbc.com/2025/07/29/jpmorgan-chase-apple-card-goldman-sachs-issuer.html]

[2] JPMorgan in Talks to Replace Goldman Sachs on Apple, [https://finance.yahoo.com/news/jpmorgan-chase-close-deal-taking-175705291.html]

[3] JPMorgan in advanced talks to assume responsibility for the Apple credit card venture currently overseen by Goldman Sachs, [https://www.cryptopolitan.com/jpmorgan-in-talks-to-take-over-apple-card/]

[4] JPMorgan Chase Nears a Deal to Take Over Apple's Credit, [https://www.wsj.com/finance/banking/jpmorgan-chase-nears-a-deal-to-take-over-apples-credit-card-program-0bbcdda8]

[5] JPMorgan nearing deal to take over Apple Card portfolio ..., [https://www.msn.com/en-in/money/topstories/jpmorgan-nearing-deal-to-take-over-apple-card-portfolio-from-goldman-sachs-report/ar-AA1Jy13P]

[6] JPMorgan in advanced talks to replace Goldman on Apple Card, [https://www.bloomberg.com/news/articles/2025-07-29/jpmorgan-in-advanced-talks-to-replace-goldman-on-apple-card]

[7] JPMorgan Chase and Apple Near Deal on Credit Card ..., [https://www.pymnts.com/apple/2025/jpmorgan-chase-and-apple-near-deal-on-credit-card-partnership/]

[8] JPMorgan Chase Takes Over Apple Card from Goldman, [https://site.financialmodelingprep.com/market-news/jpmorgan-chase-takes-over-apple-card-from-goldman-sachs]