Apple and JPMorgan Chase have announced that Chase will become the new issuer of the Apple Card, giving the bank access to a credit card portfolio estimated at over $20 billion in balances. The transition to Chase will take around 24 months to finalize, pending regulatory approvals.
“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.”
In 2023, Neowin reported that Goldman Sachs was trying to hand off Apple Card to American Express because it wanted to scale back its consumer business. Now, years later, it looks like it is finally handing off this part of the business to JP Morgan Chase.
For Apple Card customers, it will be business as usual. You can continue using your physical cards and digital wallets without interruption during the transition period. All of the core benefits of Apple Card will also remain intact, including up to 3% Daily Cash back, no late, annual, or international fees, interest-free Apple Card Monthly Installments for Apple hardware, and high-yield Savings account access. Mastercard will also remain the payment network for the card, ensuring no change in global acceptance.
Chase will integrate the $20 billion in existing balances onto its own platform once the deal closes which is expected in early 2028. Apple and Chase will provide updates to cardholders as the transition progresses and a dedicated FAQ site has been launched.