2026 is shaping up as a reset year for Apple Card. After years of financial strain behind the scenes, Apple is expected to move away from its current banking partner. If that happens, cardholders should prepare for changes to how the card works and what it offers.
Apple launched Apple Card in 2019 as a U.S.-only product tied closely to the iPhone Wallet app. It focused on simplicity. No fees. Clear spending summaries. Daily Cash is paid every day. Users also gained access to a linked high-yield savings account. While the card earned praise from customers, the business side never found a solid footing.
In July, The Wall Street Journal reported that JPMorgan Chase was in advanced talks with Apple to take over the Apple Card partnership from Goldman Sachs. Goldman Sachs has been stepping back from consumer finance after absorbing heavy losses and appears eager to exit the deal early, even though the contract runs through 2030. Other banks, such as Barclays and Synchrony, surfaced in earlier discussions, while Visa and American Express reportedly explored replacing Mastercard as the payment network.
Why Goldman Sachs Wants Out
9to5Mac has detailed how costly the Apple Card has been for Goldman Sachs. The partnership has reportedly resulted in at least $1 billion in direct losses, contributing to roughly $6 billion in total consumer finance losses. These numbers reflect more than unpaid balances. Apple Card offers unusually generous terms for a mass-market credit card.
There are no late fees, no foreign transaction fees, and no returned payment fees. Some purchases earn up to 3 percent cash back, and Apple products qualify for interest-free financing. Those benefits attract users, but they reduce margins for the issuing bank.
Customer risk plays a role, too. Reports show that about 34 percent of Apple Card users fall into the subprime category, defined as credit scores below 660. The card’s delinquency rate sits near 4 percent, higher than the industry average. That combination makes the portfolio hard to justify without major changes.
JPMorgan Chase is seen as the leading candidate, but the numbers create friction. Chase typically carries a much lower share of subprime customers. Apple Card balances exceed $20 billion, so any takeover would likely require a steep discount or structural changes to reduce risk.
Savings Account Question
One piece often overlooked is the Apple Card Savings Account. It is also issued by Goldman Sachs and currently offers a competitive yield. Chase does not offer a comparable high-yield savings product. Because the savings account operates largely on its own, Goldman Sachs could continue running it even if the credit card moves to a new bank.
If Apple Card switches partners, the product will not stay the same. Expect stricter policies, possible late fees, and reduced rewards. Some users hope the core experience survives intact. The next bank will decide whether Apple Card remains different or becomes just another credit card.
It doesn’t make sense that a new bank would remove the reasons for customers to have it. Late fees and not renewing subprime customers, sure, but for example Apple would lose a lot of money if the 3% + interest-free Apple Store purchases were taken away.