The transition of the Apple Card from being financed by Goldman Sachs to JPMorgan Chase will probably cut out a smaller company, CoreCard, that currently handles the credit card. When JPMorgan takes over, it will likely drop CoreCard as the Apple Card’s processor in favor of its own in-house payment processing. Before it got the Apple account and its estimated 12 million users, CoreCard was considered a niche processor. CoreCard currently manages the day-to-day functioning of the Apple Card, ensuring that transactions are completed and handling the billing of users. It is also CoreCard that has been responsible for developing some of the distinctive features of the card alongside Apple, like its first-of-the-month billing cycle. CoreCard also developed the “payment wheel” graphic on its bills that show cardholders their projected interest costs, widely seen as consumer-friendly and educational. JPMorgan Chase will be responsible for the Apple Card once Goldman Sachs exits the consumer market. Because JPMorgan Chase has its own processing capabilities, CoreCard owner Richard Strange believes it likely that the Apple Card processing job will go in-house, dropping CoreCard. The transition will mean the loss of its biggest client.