Today is the seventh birthday of the Apple Card becoming widely available in the United States. The anniversary comes as a big change looms on the horizon for Apple’s credit card.
Customers can sign up for the new credit card in the Wallet app on the iPhone or by going into “Settings” -> “Wallet & Apple Pay” on the iPad. The card can then be managed through the Wallet app. The card offers benefits such as Daily Cash back, color-coded spending summaries, and no fees, Apple Card holders can also eligible to open a high-yield savings account.
Apple Card’s rewards program, Daily Cash, gives back a percentage of every purchase as cash on customers’ Apple Cash card each day. Customers receive 2% Daily Cash every time they use Apple Card with Apple Pay, and 3% Daily Cash on all purchases made directly with Apple, including at Apple Stores, apple.com, the App Store, the iTunes Store and for Apple services. For purchases made with the titanium Apple Card, customers get 1% Daily Cash.
Apple Card also extends 3% Daily Cash to more merchants and apps, while also offering extra Daily Cash back during special promotions with select merchants.
In January, Apple and Chase announced that Chase will become the new issuer of Apple Card. The transition is expected to take approximately 24 months to finalize.
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.
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.
Once the transition is complete, Apple Card balances for open accounts will be with Chase, and this will be reflected on each cardholder’s credit report.
Additional details regarding the transition will be shared with all Apple Card users as the transition date approaches.