JPM · 10-Q · 2026Q2 · Full report

Apple Card Transaction

JPMORGAN CHASE & CO · 2026-08-06 · Importance 59 · Surprise 60 · In source text

On January 7, 2026, JPMorganChase announced that Chase would become the new issuer of the Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit-card portfolio, with closing expected approximately 24 months after the commitment date. The transaction drove a $2.2 billion provision for credit losses in the fourth quarter of 2025. The filing also reported that the Firm tendered 18.6 million Visa Class B-2 shares, receiving Visa Class B-3 and Class C shares and recording a $4.6 billion net gain in the second quarter of 2026.

Key facts

• The provision for credit losses for the six months ended June 30, 2026 included $2.2 billion associated with the Apple Card transaction. source
• Allowance for lending-related commitments included $2.2 billion associated with the Apple Card transaction. source
• On January 7, 2026, JPMorganChase announced Chase will become the new issuer of Apple Card and entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio. 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
• Model & data changes in RWA rollforward included completion of necessary modeling steps required for the Apple Card transaction. source
• Expected closing date for the Apple Card transaction: approximately 24 months after December 30, 2025. source
• The Firm recorded an allowance related to the Apple Card transaction in the fourth quarter of 2025, estimated based on forward-looking assumptions of the portfolio’s risk characteristics and expected credit losses at the time of closing. source

Impact estimates