On Wednesday night, Apple announced that JPMorgan Chase will become the new issuer of the Apple Card, replacing Goldman Sachs, which has backed the company's credit cards since their launch in 2019. This ends speculation about a new partner for the Apple Card that has been going on for a few years, as Goldman Sachs continues its exit from consumer lending and Apple runs a services business that has grown from $11 billion in quarterly revenue to more than $28 billion.
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If you have an Apple Card, then Apple says not much will change immediately. The transition of its $20 billion credit card portfolio is scheduled to take place in two years from now.
Apple Card users can continue to enjoy the award-winning Apple Card experience, which includes up to 3 percent unlimited Daily Cash back on every purchase, easy spending management tools, Apple Card Family, access to a high-yield savings account and more.
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Mastercard will remain the payment network for Apple Card, and Apple Card users can continue to access Mastercard's global acceptance and benefits.
As outlined in Apple's FAQ, managing your balance, accessing savings accounts, and even applying for a new card will remain the same for now, with any information about potential changes for physical cards or card information coming closer to the actual transition date.
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According to anonymous sources who spoke to the Wall Street Journal and CNBC, the Chase takeover comes at a discount of more than $1 billion, reflecting what the WSJ described as “high exposure to borrowers with poor credit and a delinquency rate that was higher than the industry average.” The WSJ also reports that Chase will launch a new savings account program, which current account holders will have the option to switch to.
