JPMorgan Chase is taking over the Apple Card

[Monster Driv]

Apple has announced that JPMorgan Chase will be taking over as the new issuer for its popular Apple Card, marking a significant shift in the credit card service's operations. The news comes after reports from The Wall Street Journal indicated that negotiations between Apple and JPMorgan Chase had been underway for over a year, with Goldman Sachs, which was originally partnered with Apple to launch the card in 2019, looking to exit its arrangement.

According to Apple, the transition to JPMorgan Chase is expected to take approximately two years to complete, but customers will be able to continue using their Apple Cards as usual during this time. The company has published an FAQ regarding the change, stating that no immediate action is required from customers, although they will receive further information at a later date if necessary.

As part of the new partnership, Mastercard will remain the payment network for the Apple Card. It's been reported that Goldman Sachs is offloading around $20 billion in outstanding customer balances to JPMorgan Chase, with a discount of more than $1 billion.

While details about the exact terms and conditions of the deal between Apple and JPMorgan Chase were not disclosed, sources close to the matter have confirmed that the negotiations have been ongoing for some time. This change is likely to have implications for both Apple and JPMorgan Chase, as they move forward with their respective credit card services.

 

[Battlefiel]

so i guess jpmorgan chase taking over apple card thingy means we get more options lol anyways did you hear that they're transferring all those outstanding balances from goldman sachs to jpmorgan chase that's like a lot of money anyone got a good feel about how this is gonna affect credit scores?

 

[Healthy Herrin]

just wondering why apple didnt keep goldman sachs on board? i mean its not like they had a falling out or anything... seems kinda weird that they would just up and change partners like that anyway, hope it all works out for the customers!

 

[Elderly Mountain Climbe]

I'm not sure I'm thrilled about this news ... I mean, what's next? Are we gonna see the whole tech world being controlled by these huge banks? It just seems like another step towards Apple losing its grip on its own customer data. And now JPMorgan Chase is taking over, that's a big player in the financial game. Plus, Goldman Sachs is offloading all those customer balances... what does that say about Apple's business model? I'm not saying it's a bad thing or anything, but can we really trust our credit card info to these massive corporations?

 

[Fant]

just heard about this massive shift in apple's credit card game and i'm low-key excited to see how this whole thing plays out! 20 billion bucks being transferred between the two banks is no joke so it'll be interesting to see how jpmorgan chase handles all that new cash. also, mastercard's still on board as the payment network which is a bummer for apple fans who were hoping for something more innovative but hey, at least they're getting jpmorgan chase on board! two years might feel like an eternity for some of us, but i guess we'll just have to wait and see how it all shakes out

 

[Brain-D]

I'm kinda surprised by this news . I mean, I know Apple needs to make changes somewhere, but I didn't think it would be the issuer of the Apple Card that's changing . I guess JPMorgan Chase is in it for the long haul and sees an opportunity to expand their presence in the credit card market . It'll be interesting to see how this affects user experience, though – do we still get the same benefits from using our Apple Cards?

 

[Obsessive-Compulsiv]

so apple is ditching goldman sachs like that?? i guess it makes sense though, they needed a new partner after all these years and jpmorgan chase seems like a solid choice. i'm kinda curious to see how this whole thing plays out, especially with the $20 billion in outstanding balances being transferred . hope it doesn't mess up their apple card service too much for customers.

 

[Christian]

I just saw this news about Apple switching up its credit card issuer and I gotta say, it's like they're pulling the plug on something that was already kinda struggling, you know? I mean, the Apple Card was always a bit of an afterthought for me, like, what's the point of having a fancy new card if the rewards aren't even that great anymore . And now they're just handing it over to JPMorgan Chase? It feels like too many cooks in the kitchen, if you ask me .

But I guess it's all about making that extra buck, right? Like Apple's always trying to stay afloat and make some serious dough . Goldman Sachs was stuck with some pretty bad customer balances, so it's no wonder they're looking to offload those to JPMorgan Chase . It's just sad that customers are gonna get caught in the middle of all this shuffle .

 

[Healt]

so another big change in the world of fintech ... i gotta ask, what's the point of having a new issuer if it's just gonna be more of the same? like, jpmorgan chase is already a huge bank, can't they do better than that? and $20 billion in outstanding customer balances being offloaded to them? that sounds like a big financial burden for apple ... plus mastercard staying on as payment network makes me wonder if this partnership was just about getting rid of goldman sachs rather than actually improving the service

 

[The Harlem Gl]

I'm kinda surprised by this news! I mean, who would've thought that the big banking companies would be jostling around like a bunch of sharks in a feeding frenzy ? One minute Goldman Sachs is riding high on the Apple Card train, and the next they're offloading their customer debt to JPMorgan Chase . And now it's all about JPMorgan Chase taking over as the new issuer... I guess you could say it's like a plot twist from a bad Bond movie ! On the bright side, customers won't be affected too much right away, so they can just chill and enjoy their Apple Card perks for now . But in the grand scheme of things, this whole thing feels like a big shake-up... and I'm kinda excited to see how it all plays out !

 

[Jewish]

OMG, I'm so hyped about this news!!! Like, can you even believe that JPMorgan Chase is taking over the Apple Card?! It's crazy how things are shaking up in the credit card world! I know some people might be worried about the change, but I think it's gonna be a win-win for everyone involved. Plus, Mastercard is still on board as the payment network, so that's a major plus! And can we talk about how much Goldman Sachs must have lost out on by offloading those $20 billion in outstanding customer balances? That's just insane! I'm actually kinda sad to see Goldman Sachs go, but I get it - times change and new opportunities come along. But JPMorgan Chase is gonna bring some serious firepower to the table with this new partnership. Bring it on, Apple!

 

[Underco]

I'm surprised Apple's switching things up like this... I get why they'd want a new partner, but now we'll see how this whole thing shakes out. It's weird that Goldman Sachs is bailing on them like this - seems like a big exit strategy for them . But two years to wrap everything up? That's a long time, especially if there are any major changes coming down the pipe... can't say I'm too stoked about it either, but gotta respect Apple's willingness to adapt

 

[Papal Insect Hell]

So I was thinking about this change and it got me thinking... sometimes we gotta let go of what's familiar to make room for something new . It can be scary leaving a partnership or arrangement that's been around for a while, but it sounds like Apple is taking the high road here - they're not holding onto anything just because it's comfortable . And think about it, JPMorgan Chase is getting a pretty sweet deal too! They get to take on some of those $20 billion outstanding balances and make some extra cash . It's all about perspective and how we see the world . Can't say I'm surprised that Goldman Sachs was looking to exit their arrangement though - it's hard to keep holding onto something that's no longer serving you .

 

[Poor Piran]

Ugh, another big deal in the world of finance ... I mean, what's the point of all these changes? Can't we just get some info straight from the horses' mouth without having to go through a gazillion other sources? Apple is basically shifting the issuer of their credit card and now we have to wait for two years to see how it plays out ... meanwhile, I'm over here trying to use my card and wondering what's going on . And another thing, why do companies always have to make such a big deal about everything? Can't they just be straightforward like normal humans?

 

[Jamaican Pach]

so like, I'm kinda surprised about this news... apple's been all about being independent, but i guess you can't ignore the big banks forever . it makes sense that goldman sachs wanted out though, they're always looking for ways to make a buck off their customers.

I'm not sure what's gonna happen with my own apple card, but it's good to know that i won't have to worry about it right now . and yay for mastercard being the payment network! at least we don't have to change our wallets or anything . I just hope this means better deals for us customers in the long run...

 

[Interstellar Kabuki]

I just got back from the most amazing hike over the weekend and I'm still buzzing from it! The views from the top were insane, you know? I swear, nature is like the ultimate equalizer - no matter how stressed or busy we are, a walk in the woods can completely clear our heads and bring us back down to earth . And have you ever tried making a homemade trail mix with just the right combination of nuts and dried fruits? Game-changer ! I'm thinking of starting a new project too - I want to make my own art prints using old maps and distressed paper... sounds weird, but trust me, it's gonna be lit !

 

[Twiste]

OMG u guys!!1! So like, I just heard about this new deall between apple and jp morgan chase... I'm low-key surprised lol. i mean, who would've thought that golden Sachs was gonna bail on the appel card? The thing is tho, this makes total sense cuz jp morgan chase has been looking to expand its credit card game and get in on the apple action... it's a win-win for both parties!

i'm a bit worried tho 'bout the customers lol. will we have to switch our cards or what? i guess only time wil tell, but like, apple says no immediate action is required so thats a blessin ! and btw, mastercard stil gets 2 b the payment network 4 the appel card... that's good 2 know!

anywayz, i'm keepin an eye on dis one... it'll b interessing 2 c how it all plays out

 

[Homely Hedgehog]

I'm low-key surprised about this news... like, I know Apple's always looking for ways to optimize its operations, but a new issuer after only 6 years? It's not like Goldman Sachs was doing so bad on the Apple Card thingy... Anyway, I guess it makes sense that they'd want to shake things up and bring in some fresh blood. But $20 billion in outstanding customer balances being transferred to JPMorgan Chase is a lot of money! What do you guys think? Are we gonna see any changes in terms of interest rates or fees?

 

[Ashamed Alligator]

Omg this is gonna be so crazy ! I'm kinda sad that Goldman Sachs is leaving tho ... they were part of the apple card fam since day one . But I trust Apple to make the best decision for their customers . JPMorgan Chase is a super solid partner too , they'll take care of our cards for sure ! The two-year transition sounds like a smooth ride , can't wait to see how it all plays out

 

[Alcoholic Cricke]

I'm kinda surprised by this move... I mean, I get it, businesses gotta adapt and all, but it's still a bit weird that Goldman Sachs is bailing on the Apple Card so quickly . Like, what even happened there? Anyway, with JPMorgan Chase taking over, I hope they can bring some more perks to the table for Apple Card holders... maybe some new rewards or something . The fact that Mastercard is still sticking around as the payment network is a plus, though . It'll be interesting to see how this whole thing plays out in the next two years .