Apple confirmed last week that Chase will replace Goldman Sachs as the issuer for its Apple Card. The move ends a partnership that sources describe as an 'unhappy marriage.' The transition is expected to take place over the next two years, with Apple promising more details as the process unfolds.

According to *The Wall Street Journal*, the rift stemmed from conflicting strategies. Apple reportedly pushed Goldman to approve nearly all applicants, leading to a portfolio heavy with subprime borrowers—over 30% of balances, a figure higher than specialized lenders. This risk profile reportedly clashed with Goldman's broader financial goals.

As the relationship soured, Apple explored options with American Express, Synchrony, and Capital One, though the latter declined to bid due to its Discover acquisition. Apple eventually selected JPMorgan Chase, which negotiated protections against delinquencies and the right to walk away if performance deteriorated before the deal closed.