Apple and Chase today officially announced that Chase will become the new issuer of Apple Card. The transition is expected to take approximately 24 months to finalize.
During this transition, Apple Card users can continue to use their card as they normally do. More information, including FAQs, is available at learn.applecard.apple/transition. Additional details will be shared with users as the transition date approaches.
Apple Card users can continue to enjoy up to 3% unlimited Daily Cash back on every purchase, easy-to-navigate spending tools, access to a high-yield Savings account, and more. Mastercard will continue to be the payment network for Apple Card, and Apple Card users can continue to access Mastercard’s global acceptance and benefits.
“We’re incredibly proud of how Apple Card has transformed the credit card experience for customers by delivering innovative tools that empower users to make healthier financial decisions,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Chase shares our commitment to innovation and delivering products and services that enhance consumers’ lives. We look forward to working together to continue to provide a best-in-class experience and exceptional customer service with Apple Card.”
“Apple is an iconic brand recognized globally for its innovation, design excellence, and commitment to delivering exceptional customer experiences,” said Allison Beer, Chase’s chief executive officer of Card & Connected Commerce. “We share a commitment to supporting consumer financial health, and we’re proud to deepen our relationship by welcoming them as the newest partner in our industry-leading co-brand credit card program. We’re excited to innovate together in the future.”
Earlier this week, Mactrast reported that JP Morgan Chase would soon officially confirm that it had reached a deal to take over operation of the Apple Card. Today’s announcement is the confirmation.
Rumors began circulating in 2023 that original Apple Card issuer Goldman Sachs was looking for someone to take the credit card off of its hands, as it was looking to scale back on consumer banking services, thanks to steep losses.
According to The Wall Street Journal, Goldman Sachs will be unloading its roughly $20 billion of outstanding Apple Card balances at a discount of more than $1 billion, which is a rare move for co-branded account deals like this. However, the terms of the deal have not been officially announced. Goldman Sachs likely had to make such a deal due to the Apple Card’s higher-than-average delinquency rates and high exposure to subprime borrowers, making it tougher than usual to find a buyer.
