JPM · 10-Q · 2026Q2 · Full report

Apple Card Issuer Transition

JPMORGAN CHASE & CO · 2026-08-06 · Importance 65 · Surprise 60 · In source text

Chase will become the new issuer of Apple Card under an announced transaction dated January 7, 2026. JPMorganChase entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio. The transaction is expected to close approximately 24 months after the commitment, creating a significant strategic expansion of Chase’s consumer-card portfolio. The filing does not disclose the purchase price in this section, but the transaction is identified as a forward commitment requiring continued execution and integration planning.

Key facts

• The provision for credit losses for the three months ended June 30, 2026 included $2.2 billion associated with the Apple Card transaction source
• The forecasted Apple credit card portfolio will be excluded from the modeled estimates sensitivity analysis until after the completion of the acquisition of the portfolio. source
• Allowance for lending-related commitments in CCB included $2.2 billion associated with the Apple Card transaction. source
• On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card and the Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio with an expected closing date approximately 24 months thereafter source
• In the fourth quarter of 2025, the Firm recorded an allowance related to the Apple Card transaction. source

Impact estimates