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Story summary
- JPMorgan Chase will take over the Apple Card from Goldman Sachs, ending their partnership that began in 2019.
- The transition will last about two years and involve transferring approximately $20 billion in outstanding balances at a discount exceeding $1 billion due to high delinquency rates.
- Apple assured cardholders they can continue using their cards without interruption during the transition.
- JPMorgan will launch a new Apple savings account, while Mastercard will remain the payment network for the Apple Card.
