The discount in this deal reflects a high exposure to subprime borrowers and what has been a higher-than-industry-average delinquency rate, creating the potential for significant losses on the outstanding balances. Concerns about those losses slowed the deal talks and contributed to hesitation from JPMor-gan and other banks that looked at pursuing a deal, The Wall Street Journal earlier reported. JPMorgan will issue Apple credit cards for both new and existing cardholders, the people said. The transition from Goldman, as is the case with most card deals, will take time. https://www.wsj.com/finance/banking/jpmorgan-chase-reaches-a-deal-to-take-over-the-apple-credit-card-4e214fb2 Accessed: 7 January 2026 at 1550 PST

The new deal is expected to bring two of the country's most influential companies closer together at a time when payments are increasingly playing out on people's phones, watches and other gadgets. The bank gets a loyal base of Apple customers to whom it can pitch more financial products and Apple gets a partner with a sprawling consumer franchise to help it sell and finance more gadgets. Goldman Sachs is expected to offload the roughly $20 billion of outstanding card balances at a more than $1 billion discount, according to people familiar with the matter. With most co-brands, balances sell at a premium of up to 8%, a figure that can run into the double digits for the strongest programs. Discounts are rare and are reserved for the most challenged cases. https://www.wsj.com/finance/banking/jpmorgan-chase-reaches-a-deal-to-take-over-the-apple-credit-card-4e214fb2 Accessed: 7 January 2026 at 1550 PST

JPMorgan Chase has reached a deal to take over the Apple credit-card program from Goldman Sachs, according to people familiar with the matter. The biggest bank in the country will become the new issuer of the tech-giant's credit card, one of the largest co-branded programs with some $20 billion in balances, in a deal that has been negotiated for more than a year. The deal, which is expected to be announced soon baring any more last minute hiccups, will further cement JPMorgan's status as a behemoth in the credit-card sector and marks the final chapter of Goldman's failed experiment in consumer lending. https://www.wsj.com/finance/banking/jpmorgan-chase-reaches-a-deal-to-take-over-the-apple-credit-card-4e214fb2 Accessed: 7 January 2026 at 1550 PST

JPMorgan Chase Reaches a Deal to Take Over the Apple Credit Card After more than a year of negotiations, a deal to take over Goldman Sachs's role in Apple program is expected to be announced soon Marisa Robertson Image: The Apple Card released by Apple in partnership with Goldman Sachs. PHOTO: F. MARTIN RAMIN/ WSJ By AnnaMaria Andriotis and Gina Heeb January 7,2026, 3:38 pm EST WSJ https://www.wsj.com/finance/banking/jpmorgan-chase-reaches-a-deal-to-take-over-the-apple-credit-card-4e214fb2 Accessed: 7 January 2026 at 1550 PST