Apple Card just hit its seventh birthday, and the timing makes this anniversary a lot more interesting than most. The card went live nationwide on August 20, 2019, and today marks that milestone. But the real story isn’t the birthday, it’s that the Apple Card is about to change banks for the first time in its history.
Apple and JPMorgan Chase announced back in January 2026 that Chase will take over as Apple Card’s issuer, replacing Goldman Sachs. The transition is expected to take around 24 months, which puts full completion at roughly early 2028. Mastercard stays put as the payment network, so the only piece actually moving is the bank behind the accounts.
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For Goldman, walking away from Apple Card is a costly exit. The bank’s own announcement cited $2.48 billion in loan-loss reserves being released, alongside a $2.26 billion hit to net revenue from portfolio markdowns and contract-termination costs, plus another $38 million in expenses. That’s the price of unwinding a partnership that, by most accounts, never quite worked the way Goldman hoped when it pushed into consumer banking.
The stakes are sizable on both sides. Reports peg outstanding Apple Card balances at around $20 billion, with the Wall Street Journal calling it one of the largest co-branded credit card programs in the country. For Chase, that’s an enormous customer base and lending portfolio landing in its lap. For Goldman, it’s another step back from the consumer-credit business it once tried to build out aggressively.
Existing Apple Card users won’t notice a thing right now. Goldman continues handling customer service through the transition period, and current perks Daily Cash, no fees, Apple Card Family, Apple Card Savings remain active. Apple’s current promo, 5% Daily Cash at Booking.com, Hertz, ChargePoint, Exxon and Mobil through September 15, 2026, is proof the program is running as normal.
What happens after Chase takes the reins is the open question. Rewards structure, underwriting, interest rates, even Apple Card Savings none of it has been detailed yet.
The takeaway for current cardholders: there’s no action to take today, but it’s worth watching how Chase’s track record with co-branded cards (see: its Amazon and United partnerships) shapes what Apple Card looks like once 2028 rolls around.
M Adnan Akram is the founder and lead writer at Phoonomo, covering mobile technology with a primary focus on Apple and the broader smartphone industry, alongside emerging developments in AI. He follows product launches, spec leaks, and industry trends closely to keep readers informed with timely updates.
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