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Posted
by
BeauHD
nuary 07, 2026 @05:40PM
from the passing-the-baton dept.
According to the Wall Street Journal (paywalled), Goldman Sachs is transferring Apple Card and Apple Savings to JPMorgan Chase. "It was clear in 2023 that Goldman Sachs would exit the consumer credit game, abandoning its Apple Card partnership with it," reports AppleInsider. "However, it has taken 26 months to reach a point where it can finally hand over issuing control to another bank." From the report: Goldman Sachs is reportedly expected to hand over the $20 billion of outstanding balances at a $1 billion discount. Such discounts are rare, and allegedly reflect the higher-than-average delinquency rate found with Apple Card holders. JPMorgan will have to issue new Apple Cards to existing users, but it may be some time before that is done. A new Apple Savings will be opened by JPMorgan as well, but users will be given the option to move or stay.
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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
byAnonymous Coward writes:
No he didn't. He never got on. he had suites B52-54-56, which are the ones used in the '97 movie for Cal and his entourage.
The richest man on that boat was JJ Astor, and he did not make it through that night.
If you're lie, lie correctly.
bygreytree ( 7124971 ) writes:
... to only have one credit card.
byKing_TJ ( 85913 ) writes:
As an Apple card and Apple savings holder - this is just disappointing because Chase is slowly taking over all my finances. I let them quote me for a home mortgage loan a few years ago, but found a better rate and more reliable customer service with another loan servicer, so went with them. Great, but 30 days later? Chase announces they bought my loan. I already had one of their credit cards, and now they'll have my Apple savings account AND Apple credit card too.
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byhadleyburg ( 823868 ) writes:
As an Apple card and Apple savings holder - this is just disappointing because Chase is slowly taking over all my finances. I let them quote me for a home mortgage loan a few years ago, but found a better rate and more reliable customer service with another loan servicer, so went with them. Great, but 30 days later? Chase announces they bought my loan. I already had one of their credit cards, and now they'll have my Apple savings account AND Apple credit card too.
They are chasing you... as it were.
byParadise Pete ( 33184 ) writes:
I'm in the same situation with Chase. I have two "native" Chase cards and an Amazon. It makes paying them easy, but not as easy as the Apple Card does. I'm assuming that will stay the same, as will the HYSA, which is also very easy to use, and cash back from the Card (actual cash (not points), paid daily) gets automatically swept into it.
bydgatwood ( 11270 ) writes:
As an Apple card and Apple savings holder - this is just disappointing because Chase is slowly taking over all my finances. I let them quote me for a home mortgage loan a few years ago, but found a better rate and more reliable customer service with another loan servicer, so went with them. Great, but 30 days later? Chase announces they bought my loan. I already had one of their credit cards, and now they'll have my Apple savings account AND Apple credit card too.
+1. Amazon card is already Chase. Now everything is Chase. That's a little bit too all-my-eggs-in-one-baskety for my taste.
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byrsilvergun ( 571051 ) writes:
The Apple credit card is one of those things where anyone who grabs it does it because they don't want to risk a competitor making it work somehow.
Kind of how like Microsoft bought all those game studios and just kind of underfunds them and doesn't seem to care whether they put games out or not. It's not about having the product it's about making sure your competitors don't have it. Another good example is when movie studios buy up the rights to a book and then never make it into a movie. Because they really just wanted to make sure nobody else does
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bykenh ( 9056 ) writes:
Another good example is when movie studios buy up the rights to a book and then never make it into a movie. Because they really just wanted to make sure nobody else does
Example? Many times stories/scripts are bought but don't result in a movie, but the reason isn't to prevent anyone else from making the script/story... That makes no literal sense, I need to hear a real-world example. Movies aren't made because book rights are bought as vanity projects that fall apart - can't find a star, too expensive to shoot, can't write a good script, etc. No one pays an author prevent a work from being produced.
byMobileTatsu-NJG ( 946591 ) writes:
I went to an Apple Store purchase an iPad with an Apple Card last year, I wanted to take advantage of paying it off within a year no interest. At the moment of checkout Goldman declined me and wouldn't tell me why. After two days and several scattered phone calls they claimed that it was unusual activity on my account. I pointed out to them that I had successfully purchased and paid off 3 other items on the same payment plan, and that their assertion that my activity was unusual was absurd.
I'll spare you the blow by blow because I know it's boring, but ultimately Goldman Sachs held to their position that they did the right thing, and Apple had to come to the rescue. They talked to each other a bit and I finally got my device on the payment plan I wanted.
I'm greatly looking forward to Goldman getting out of the picture. They really did try to spin it to me like the inconvenience they caused me was somehow something I should be happy about. "This happens because we're diligent about catching fraud!" "But, you didn't."
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byMobileTatsu-NJG ( 946591 ) writes:
Who says I didn't have the money to do so? I didn't go into that at all. But since you're curious I'll explain: Yes I had the money to buy one outright, but an interest-free loan was available and I took advantage of it. Had I purchased it outright, then had an expense outside of that like a car-repair, THAT would have had to come out of my interest-charging credit card and ... while I didn't actually check on it, I'm pretty sure Apple/Goldman would not have given me a similar payment plan for the car
bydgatwood ( 11270 ) writes:
Who says I didn't have the money to do so? I didn't go into that at all. But since you're curious I'll explain: Yes I had the money to buy one outright, but an interest-free loan was available and I took advantage of it. Had I purchased it outright, then had an expense outside of that like a car-repair, THAT would have had to come out of my interest-charging credit card and ... while I didn't actually check on it, I'm pretty sure Apple/Goldman would not have given me a similar payment plan for the car repair.
Even in the case where you have the money, as long as you are careful not to get into debt over your head, there's absolutely no rational reason to turn down an interest-free loan. Anything else you do with that money in the interim other than spending it is pretty much guaranteed to be a better use of the funds.
Even if all you do is keep the money in your bank account for that year, you've earned interest on the money (or at least a diminishing portion thereof) over that whole year, so you are better off
bykenh ( 9056 ) writes:
Even in the case where you have the money, as long as you are careful not to get into debt over your head, there's absolutely no rational reason to turn down an interest-free loan. Anything else you do with that money in the interim other than spending it is pretty much guaranteed to be a better use of the funds
Last year I bought an EV with 60 month, zero interest credit. I didn't want a loan, I was prepared to pay cash, but that zero interest loan for 5 years was too good to pass up. Occasionally I consider paying a little extra to bring down the loan balance, but then I realize doing that just reduces the benefit of the zero interest loan.
I'll probably pay it off early someday, but zero interest on a major purchase is very appealing.
byfropenn ( 1116699 ) writes:
Last year I bought an EV with 60 month, zero interest credit.
If they have a cashback offer vs. a low-interest loan offer, the cashback offer is always the better deal, especially if you have the cash to pay for the car upfront.
bydrinkypoo ( 153816 ) writes:
Even if all you do is keep the money in your bank account for that year, you've earned interest on the money (or at least a diminishing portion thereof) over that whole year, so you are better off than if you had paid the money up front.
Unless it's in a HYSA like a money market account, you'll probably make more from the credit card cash back than from sitting on the money. The national average savings rate for savings accounts is 0.39% per the FDIC, but my credit card gives me 1.5% on all purchases. (They actually give me points which I then have to redeem for cash on a bad website, while also offering me a bunch of other shit for points, none of which is worth as much as just taking the cash. But whatever.)
bydgatwood ( 11270 ) writes:
Even if all you do is keep the money in your bank account for that year, you've earned interest on the money (or at least a diminishing portion thereof) over that whole year, so you are better off than if you had paid the money up front.
Unless it's in a HYSA like a money market account, you'll probably make more from the credit card cash back than from sitting on the money. The national average savings rate for savings accounts is 0.39% per the FDIC, but my credit card gives me 1.5% on all purchases. (They actually give me points which I then have to redeem for cash on a bad website, while also offering me a bunch of other shit for points, none of which is worth as much as just taking the cash. But whatever.)
Yes, but in this case, you don't have to choose. You get the 2% in Apple Cash *AND* a zero-interest loan paid off over a year.
●urrent threshold.
bystabiesoft ( 733417 ) writes:
I've had a couple of branded cards for decades. I've lost count of how many times they bounce from one servicer to another. One of mine was done by Goldman and was embraced by Goldman with great fanfare. A year or two later they tossed it to barclays. I think maybe capitalone before. I lose track. It is a hassle every time. New number, new web interface, hassles switching over auto-pays. Something is going on where a decade or more ago, there must have been steady income off cards. With all the switching, m
bylarryjoe ( 135075 ) writes:
"allegedly reflect the higher-than-average delinquency rate found with Apple Card holders"
This is the most surprising part because there is usually an aura surrounding Apple users as higher income and more desirable as customers. Is this mostly a reflection of the changing demographics for Apple users or rather some unique aspects tied to using the Apple Card?
byAnonymous Coward writes:
Apple had some stipulation with Goldman that they had to accept applicants with lower credit ratings than they might ordinarily accept. That's one of the reasons why Goldman is exiting - it caused massive losses for them in the end. It sounds like Chase might have extracted more favorable terms out of both Apple and Goldman.
byPowercntrl ( 458442 ) writes:
Apple had some stipulation with Goldman that they had to accept applicants with lower credit ratings than they might ordinarily accept.
Yep. Helped me out when I was trying to rebuild my credit, because it was the only real credit card that was willing to approve me. Credit scores unfortunately don't differentiate between having a run of bad luck versus being an irresponsible spender.
byTigerPlish ( 174064 ) writes:
Is this mostly a reflection of the changing demographics for Apple users
No. Luxury goods always attracts a certain type of person who will put themselves in terrible financial trouble just to drive that Benz, or that huge Lexus SUV, or Range Rover, or Mcmansion, when the brutal truth is they don't even have Toyota money. They barely make the payments, neglect all maintenance, and run 'em into the ground, but they just have to look good when they pick up the kids they didn't want to have at the school they can't afford.
These people are what i call the "Fake it 'til you make it
by93 Escort Wagon ( 326346 ) writes:
Given that many ultra-rich people, such as Donald Trump and Elon Musk, are notorious for not paying their bills - I think you need to provide documentation to support your supposition that the higher-than-average delinquency rate is being driven by lower-income individuals.
bykenh ( 9056 ) writes:
Given that many ultra-rich people, such as Donald Trump and Elon Musk, are notorious for not paying their bills
Given? It's an anecdote - contractors withholding payment for unacceptable work isn't the same as not paying your credit card bill...
I think you need to provide documentation to support your supposition that the higher-than-average delinquency rate is being driven by lower-income individuals.
Why, you think lower-income borrowers are better credit risks than, say, a middle-income or higher-income borrowers? Really? Lets just take a moment and think about that...
Recently Donald Trump was in court because NY Attorney General decided that Trump lied about asset valuations, and something, something, lower interest rates, something-something, unfair... Every lender the
bydrinkypoo ( 153816 ) writes:
(they don't offer multi-million dollar "liars loans")
They apparently do, because Deutsche Bank did. When it came out that Trump had impersonated an employee of his father and defrauded them into giving him loans, they stopped doing business with him — showing that they were only continuing to do business with him to prevent it from becoming generally known that they are incompetent.
bykenh ( 9056 ) writes:
That's not a liars loan - that's a bank loaning money to someone they believed had a longstanding relationship with the bank.
A liars loan was when a mortgage applicant couldn't supply income verification, so they just made up a number and put it on the application. Liars loans were a significant, but not the only, issue in the 2008 mortgage crisis.
bykenh ( 9056 ) writes:
there is usually an aura surrounding Apple users as higher income and more desirable as customers. Is this mostly a reflection of the changing demographics for Apple users or rather some unique aspects tied to using the Apple Card?
How many Apple products are sold to college students who are also taking on massive student debt burdens? There are certainly well-heeled Apple buyers that use the Apple Card for its zero interest credit period (better manage payment schedule) and/or appreciate the small cash back/discount the card offers, but I suspect there are a large number of Apple Card holders that struggle to manage their finances...
byKevin108 ( 760520 ) writes:
I've had an Apple Card for about a year now. It's been the first time in my life that I've ever used a cash-back credit card for daily purchases while paying everything off at the end of the month. What makes this so easy for me is the fact that it's always logged in. Opening the Wallet app on your iPhone gives you immediate information, such as your balance, or what you need to pay to avoid interest. Having the option for cash back to automatically go into the HYSA also makes saving easier than ever.
bydrinkypoo ( 153816 ) writes:
I only have to fingerprint my way into my phone and then my bank app to have the same info from my bank's credit card using my bank's app on my android phone. It's one more login challenge which BTW Apple users can't do since they took away your fingerprint reader. I could use face unlock but choose not to. I have it on my work iPhone and it mostly works, but then occasionally just refuses to work, and I don't mean because of a timeout or whatever because it tells you about those.
byjvkjvk ( 102057 ) writes:
Huh. Perhaps the stuff is too expensive? Or they have a lot of apple crack heads? Do they do less due diligence on their card holders? Seems strange.
bynadass ( 3963991 ) writes:
Credit approval rules/processes were securitized by Apple Corp itself (as it's their own branded credit card, after all) which was mostly for Apple hardware purchases with sticker prices and payment plans larger than typical daily consumer spending habits -- How often do YOU plunk down $2000+ on a brand-new credit card promotion for new computer hardware?
There have been stories about this delinquency rate but Goldman Sachs wasn't truly losing any money (Apple paid them back when purchases were from Apple
byjvkjvk ( 102057 ) writes:
>BTW none of this is 'unusual' or 'extraordinary' in the consumer credit space.
Yes it is. Taking a $1B write off of the debt is 'extraordinary'. It doesn't generally happen.
bynadass ( 3963991 ) writes:
>BTW none of this is 'unusual' or 'extraordinary' in the consumer credit space.
Yes it is. Taking a $1B write off of the debt is 'extraordinary'. It doesn't generally happen.
Writing off debts happens very often -- sometimes spinoffs are created for the sole purpose of concentrating debts into a singular entity for the explicit purpose of that otherwise-unknown entity to declare bankruptcy! This is part of the games corporations are legally permitted to do to allow an ongoing concern to not wholly disappear due to some bad bets.
The ONLY action in this Apple Card news that is extraordinary is how JPM recognized the charge (aka wrote off their part of the acquired debts) durin
byrussotto ( 537200 ) writes:
I didn't have an Goldman-Sachs Apple card (last time I had an Apple card it ws Barclays), but I had the GM card when they ran it. Their site was down very often and they screwed up such basic things as sending me bills on time. Chase at least knows how to service credit cards.
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