Chase is to take over the running of Apple's credit card from Goldman Sachs after over a year of negotiations.

Under the terms of the agreement, the purchase of the portfolio is estimated to bring over $20 billion of card balances to the Chase platform, Finextra reports. 

The deal ends a long-running search for a new card issuer after Goldman sought to exit from the deal in 2023.

Goldman has been Apple's partner on the credit card since its launch in 2019 and has since become a banking partner for the tech giant's high-yield savings account feature and BNPL service.

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