Why the Apple Card Move Matters for Big Banks

[etfs]

The deal brings significant financial implications for both banks involved. JPMorgan Chase is set to acquire more than $20 billion in Apple Card balances, strengthening its already massive credit card portfolio. According to reporting from the Wall Street Journal, Goldman Sachs is exiting the partnership at a roughly $1 billion discount.

Goldman Sachs expects a sizable financial hit, including a $2.2 billion provision for credit losses tied to the transition in late 2025. The shift marks the end of a high-profile partnership that began in 2019, when Apple and Goldman launched the Apple Card with consumer-friendly terms like no late fees and daily cashback—features that helped redefine how tech companies and banks collaborate.

[Revenant]

Tech UX met bank balance sheets.

[Capybara_Capybara]

Consumer-friendly terms met credit-cycle reality.

[The_Walking_Dead]

Apple optimized for adoption, not loss curves.