Chase to Assume Control of Apple's Credit Card

Individuals holding an Apple Card shouldn’t anticipate immediate modifications.

Following recent announcements, Apple has disclosed that JPMorgan Chase will be the upcoming issuer for its Apple Card, taking over from Goldman Sachs, who has been connected with the credit cards since they were first introduced in 2019. This decision concludes prolonged speculation regarding a new collaborator, especially as Goldman Sachs withdraws from consumer credit services while Apple’s service sector has dramatically increased from $11 billion to upwards of $28 billion per quarter.

Even with this transition, Apple has assured cardholders that significant changes are not on the horizon, with the shift to Chase not expected to be executed until two years later, overseeing a $20 billion credit card portfolio.

Existing Apple Card users can still enjoy the same benefits, such as up to 3% unlimited Daily Cash back on purchases, intuitive financial tools, the Apple Card Family feature, and options for a high-interest savings account. Mastercard will remain the payment infrastructure for Apple Card, retaining its broad acceptance and associated perks globally.

In terms of account management, customers will find no current adjustments to how they handle their account balances, savings access, or card applications. However, any updates on potential changes to physical cards will be shared as the transition date nears.

According to anonymous sources referenced in discussions with major publications, the transition to Chase occurs at a reduced rate, with over $1 billion attributed to concerns over high-risk borrowers and delinquency issues within the existing portfolio. Additionally, Chase plans to debut a fresh savings account option that current users might opt into if desired.