2025 was a busy year for premium credit cards, with Chase, Amex and Citi all getting into the fray. However, there’s another interesting development on the front of co-branded credit cards. A few years back, Goldman Sachs made their venture into the consumer credit card business by launching a co-branded credit card with Apple. That may be soon about to change with Chase potentially taking over that portfolio.
New Chase Credit Card after takeover
At the moment, Chase already offers options to redeem your Chase Ultimate Rewards points to buy Apple products on their website. Depending on the cash price on their website, Chase Sapphire Reserve cardholders can redeem at a rate of 1.5 cents per point. On the other hand, Chase Sapphire Reserve cardholders can redeem at a rate of 1.25 cents for point. Chase Freedom cardholders get a flat rate of 1 cent per point.
As per CNBC, a deal has been reached for JP Morgan Chase to take over the Apple card from Goldman Sachs.
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“JP Morgan Chase has reached a deal to take over the Apple creditit card from its original issuer, Goldman Sachs,the two banks said Wednesday in separate releases.
The arrangement, completed after a year of negotiations between the parties, means that a giant in credit cards and retail banking overall will grow even larger. JPMorgan will take over more than $20 billion in card loans from Goldman, which began to pivot away from consumer finance in 2022.
JPMorgan said that the deal will take about 24 months to close and that it will book a $2.2 billion provision for credit losses when it reports fourth-quarter 2025 earnings next week.”
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It will take a couple of years for the deal to complete. This means that by 2028, we could well have a co-branded Chase Apple credit card. While Chase has sealed the deal, there were other competitors who were also competing for the same portfolio.
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“In July, CNBC reported that talks between JP Morgan and Apple had progressed, with JPMorgan being the last bank standing after other interested issuers, including American Express, Synchrony and Barclays, exited.”
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The Pundit’s Mantra
Overall, I’ll be looking forward to the launch of the card once it goes live. Firstly, it will be interesting to see if Chase offers a juicy welcome bonus right out of the gate. Secondly, if there card earning potential and benefits are great, as a long time Apple loyalist, I may be tempted to get the card down the line.
What do you think about this new partnership and the possibilities that it presents going forward? Tell us in the comments section.
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Credit Card Offers
American Express Business Credit Cards
- Earn 200,000 Membership Rewards points with the Business Platinum Card
- Earn 100,000 Membership Rewards points with the Business Gold Card by American Express
Chase Sapphire Cards
- Earn 125,000 bonus points with the Chase Sapphire Reserve Card
- Earn 200,000 bonus points with the Chase Sapphire Reserve Card for Business
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