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Chase really is taking over the Apple Card from Goldman Sachs and the early details tell us a LOT about where banks (and your credit) are headed next.

Coming up you’ll see why Goldman was willing to take a $1 billion haircut just to get rid of this thing.

You’ll also see what Chase is likely to change first (and what they’ll probably keep the same to avoid a riot).

And we’ll talk about what to do if you have the Apple Card, the Apple savings account, or you were thinking about applying.

What Actually Happened

Here’s the big moves 👇🏾

JPMorgan Chase is taking over the Apple Card from Goldman Sachs.
The portfolio is about $20 billion in balances.
Mastercard stays the network.
The transition is expected to take about 24 months. (most people don’t know this)
Chase will issue cards for both existing and new Apple Card users.

There’s also a savings piece:

Chase plans to launch a new Apple-branded savings account.
If you already have the Apple high-yield savings with Goldman, you’ll likely get to choose:
- stay parked at Goldman
- or move your savings over to the new Apple/Chase product

Apple’s official line right now is basically:

“Nothing changes for you today. Same Daily Cash. Same Wallet app. Same experience. We’ll let you know as we get closer.”

So on the surface, today… nothing feels different.

But the way this deal was priced tells a much deeper story.

Why This Deal Is So Weird (And What It Says About Apple Card)

Here’s the part that really made my eyebrows go up.

Normally when a bank sells a big credit card portfolio, especially a massive co-brand like Apple, the buyer usually pays extra for it.

As in… the balances might be worth $20B on paper, but the bank buying it might pay 8% MORE than that because the portfolio is expected to make money over time.

But this time?

Goldman didn’t get a premium.

They had to sell it at more than a $1 billion discount.

So instead of Chase saying, “Yeah, we’ll pay extra for those balances,” this was more like Chase saying:

“We’ll take it…

but only if we get it cheaper — because there’s risk here.”

And discounts like that basically scream:

“This card portfolio is messier than usual.”

Why? A few reasons:

A lot of Apple Card users fall into subprime territory
Late payments and delinquencies have been higher than average
And Goldman has already been setting aside billions because they expected losses

This deal is really the final chapter of Goldman’s “let’s become a consumer bank” experiment.

Between Apple Card, GreenSky, GM card and the rest…

they’ve lost over $7 billion since 2020 trying to play in this space.

So at some point they just said:

“Yeah… we’re done. Chase, you handle this going forward.”

Why Chase Wanted It Anyway

So why would Chase want this mess?

Because Chase isn’t just buying a problem. They’re buying:

A huge, loyal Apple fan base
A card that already has huge name recognition
A direct pipeline into people’s phones, watches, and wallets

Apple users are what they call “sticky”. These people will never ditch their iPhones. lol!

If Chase can clean up the risk, tighten approvals, and adjust fees just enough to make this profitable, they’ve just plugged themselves into one of the most powerful consumer bases on the planet.

Chase also trusts its own playbook:

They’re already a giant in co-branded cards (Amazon, United, Southwest, etc.)
They know how to manage risk
They’re setting aside about $2.2 billion for future losses and still feel confident they can make this work long term

So from Chase’s point of view, this is:

“We’ll take the hit up front, then we’ll make this a money-maker over time.”

If You Already Have the Apple Card

Here’s what this probably means for you over the next 2+ years.

1. Your card won’t just disappear.

You’re not getting shut down just because the logo on the back is changing. Your account will likely be pushed over from Goldman to Chase.

2. 5/24 shouldn’t block your existing account.

If you already have the Apple Card, this isn’t a “new application.” It’s a transfer. So the classic Chase rules (like 5/24) shouldn’t stop your card from moving over.

3. Expect Chase to tighten some things:

I’d be shocked if Chase doesn’t eventually:

Get stricter on approvals
Get stricter on credit line increases
Start charging traditional fees (late fees especially) that Apple/Goldman didn’t charge before

4. The UI will almost certainly stay Apple.

Good news: the beautiful Apple Wallet interface is Apple’s product, not Goldman’s. That’s part of the brand.

So even with Chase running the backend, you’ll probably still:

See your card and spending in Wallet
Get the same kind of visual payoff sliders, categories, and month-by-month views

On top of that, Chase might add:

An option to view/manage your Apple Card in the Chase app
We’ll probably get more cross-sells: “Hey, want a Chase checking account? A Sapphire? A business card?”

5. The Apple Card Family angle is a wild card.

One underrated feature: Apple Card is one of the only cards with a true cosigner setup, not just authorized users. That’s helped a lot of people build credit.

Whether Chase keeps that or quietly kills it is something I’ll be watching closely.

If You Have the Apple Savings Account

This is where a lot of people are nervous.

Right now:

The Apple savings account with Goldman is a legit high-yield option.
Chase, in general, is not known for generous savings rates.

What we know:

Chase will launch a new Apple savings product.
Existing savers will likely get a choice: stay at Goldman or move.

So here’s what i think…

If Chase tries to run Apple savings at typical Chase savings rates, people are going to move their money:

To other HYSAs
To money market funds
Or just stay at Goldman if that’s allowed and the rate stays competitive

So if you’re using Apple Savings right now, the move is simple:

Don’t panic today. Just be ready to compare rates later.

If Chase nerfs the APY, you move. Easy.

If You Were Thinking About Applying for the Apple Card

Here’s the million-dollar question:

“Should I apply now with Goldman… or wait until Chase takes over?”

If your goal is to have the easiest possible time getting approved, the truth is pretty simple:

The best time is now, while Goldman Sachs is still doing the underwriting.

Goldman has always been more flexible and forgiving than Chase when it comes to approvals. Yes, they’ve already tightened since the early days… but it’s still not Chase-level strict.

Once Chase fully controls new applications, I’d expect:

5/24 to apply
Stricter approval criteria
More focus on your total credit exposure vs your income
And probably tougher credit line increases over time

There’s also a small sign-up bonus floating around right now… and there’s no guarantee that sticks around through the transition.

So my take right now is:

If approval is your #1 priority? Apply before the transition starts.
If you already live deep inside Chase world (and especially if you’re near/over 5/24)? It’s even more reason not to wait, because Chase will almost certainly gate-keep this card later.

real quick… What’s your first reaction to Chase taking over the Apple Card?