JPMorgan Chase agrees to become issuer of Apple Card, replacing Goldman Sachs

Chase and Apple announced that Chase will become the new issuer of Apple Card, succeeding Goldman Sachs Bank USA, which is the current issuer. The companies estimate the deal will bring over $20 billion of card balances onto Chase's platform. The transition is expected to take about 24 months and is subject to regulatory approvals, and Mastercard stays as the payment network.

• Estimated over $20 billion of card balances to move to Chase
• Expected transition period of about 24 months
• Closing is subject to regulatory approvals
• Mastercard remains the payment network