Apple Card ditches Goldman Sachs for JPMorgan bailout

Goldman Sachs is practically begging someone to take the Apple Card off their hands. The 2019 collaboration with Mastercard provided users with sweet perks like three percent cash rewards and zero fees, which subsequently turned into a financial nightmare for the banking partner. High delinquency rates and regulatory reserve requirements have forced the iPhone maker to shop around for a replacement backer even though the current deal runs until 2029. While American Express and Barclays were reportedly in the mix, JPMorgan Chase has emerged as the probable favorite to inherit the portfolio in 2026, potentially slashing benefits to make the math work. The fate of the high-yield savings account remains sketchy since the frontrunner lacks a similar product, meaning that specific feature could get deleted during the handover.