Apple Card’s $20 Billion Swap: Why Chase Paid Less for Goldman’s Risky Debt—and What Users Should Care About

Apple’s credit card users can keep spending without a hitch—for now—but Goldman Sachs is quietly exiting a $20 billion portfolio it once called home.

JPMorgan Chase will replace Goldman Sachs as the issuer of Apple Card in 2026, per Apple's Wednesday announcement. The Wall Street Journal and CNBC report Chase acquired the portfolio at a >$1B discount due to 'high exposure to subprime borrowers' and 'higher-than-industry-average delinquency rate.'

Apple confirmed the transition of the $20 billion credit card portfolio is scheduled to take place two years from now. Users will face no immediate changes to Daily Cash rewards, spending tools, or Mastercard network access.

The WSJ noted Chase will launch a new savings account program, with current holders able to opt in.

While Apple emphasizes the 'award-winning experience' of its financial tools, the WSJ’s description of delinquency rates paints a different picture. Chase’s new savings account serves as both a user benefit and a financial lifeline for Apple’s services division, which has seen declining growth in recent quarters.