JPMorgan Chase has agreed to take over the Apple credit card portfolio from its current issuer, Goldman Sachs.

The deal is expected to shift more than $20bn in card balances onto JPMorgan’s platform, according to the companies.

JPMorgan said the transaction is likely to take about 24 months to complete and remains subject to regulatory approvals.

The bank plans to record a $2.2bn provision for credit losses tied to the deal when it reports fourth-quarter 2025 earnings next week.

Apple Card customers are expected to retain existing features and rewards, and the card will continue to operate on Mastercard’s network, JPMorgan said.

Allison Beer, Chase’s CEO of Card & Connected Commerce, said: “We share a commitment to supporting consumer financial health, and we’re proud to deepen our relationship by welcoming them as the newest partner in our industry-leading co-brand credit card program. We’re excited to innovate together in the future.”

Launched in 2019 with Goldman as issuer, the Apple credit card promoted features such as no fees and cashback, but Goldman’s difficulties in consumer banking led both parties to revisit the arrangement.

Goldman and Apple revealed in 2023 that they planned to wind down their partnership.

The agreement effectively brings Goldman’s move into consumer lending to an end.

“This transaction substantially completes the narrowing of our focus in our consumer business,” said David Solomon, chairman and CEO of Goldman Sachs.

Goldman said the transaction is set to increase its earnings by 46 cents per share when it reports results next week.

Mastercard will remain the payment network for Apple Card.

 Mastercard president of the Americas Linda Kirkpatrick said: “We’re thrilled to work with Apple and Chase to continue our longstanding partnership on Apple Card.

“The innovation on Apple Card has taken the consumer payments experience to the next level, and we look forward to delivering simple, secure, and seamless payments at global scale.”