On Wednesday evening, Apple announced that JPMorgan Chase will become the new issuer of Apple Card, replacing Goldman Sachs, which has backed the company’s credit cards since their launch in 2019.

JPMorgan Chase JPM -2.32% has reached a deal to take over the Apple AAPL -0.61% credit-card program from Goldman Sachs GS -2.08%, according to people familiar with the matter.