Apple has officially announced that JPMorgan Chase will become the new issuer for the Apple Card, replacing Goldman Sachs. This major transition, reported by The Wall Street Journal, is expected to take approximately two years to complete. During this interim period, customers can continue using their Apple Cards without interruption, and Mastercard will remain the underlying payment network.

Goldman Sachs, which partnered with Apple to launch the credit card in 2019, has reportedly been seeking an exit strategy for some time. According to sources, Goldman Sachs is offloading approximately $20 billion in outstanding customer balances at a discount of over $1 billion to facilitate this handover. While the financial terms of the new deal between Apple and JPMorgan Chase remain undisclosed, this move signals a significant shift in the fintech landscape and Apple's continued effort to refine its financial services offerings.