Apple and Chase have announced that Chase will become the new issuer of Apple Card, a transition expected to finalize in approximately 24 months, while Mastercard will continue as the payment network.
The move follows the initial introduction of Apple Card in 2019, which aimed to transform the credit card experience with features such as up to 3 percent unlimited Daily Cash back, spending tools, Apple Card Family, and access to a high-yield Savings account. Current Apple Card users will maintain access to these features and Mastercard’s global acceptance and benefits throughout and after the transition.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, stated that Apple is “incredibly proud” of Apple Card’s impact on credit card experiences through “innovative tools that empower users to make healthier financial decisions.” She added that Chase “shares our commitment to innovation and delivering products and services that enhance consumers’ lives,” expressing anticipation for a continued “best-in-class experience and exceptional customer service.”
Allison Beer, Chase’s chief executive officer of Card & Connected Commerce, recognized Apple as “an iconic brand recognized globally for its innovation, design excellence, and commitment to delivering exceptional customer experiences.” Beer affirmed a shared commitment to “supporting consumer financial health” and expressed pride in deepening their relationship, looking forward to future innovation.
Linda Kirkpatrick, Mastercard’s president of the Americas, expressed enthusiasm for continuing the partnership with Apple and Chase on Apple Card. She noted that “innovation on Apple Card has taken the consumer payments experience to the next level” and emphasized the goal to “deliver simple, secure, and seamless payments at global scale.”
Apple Card, originally issued by Goldman Sachs Bank USA, was designed to promote financial health. It operates with no fees, allows users to track purchases and manage spending via Apple Wallet, and offers Daily Cash that can be automatically deposited into an Apple Cash card for use with Apple Pay. Apple Card Family allows account sharing within Family Sharing groups, and Apple Card Monthly Installments (ACMI) provides interest-free payment options for Apple products. Users can also link a Savings account to automatically receive Daily Cash deposits, with Savings accounts provided by Goldman Sachs Bank USA.
During the transition period, Apple Card users can continue to use their cards as usual. More information and FAQs are available on the Apple Card transition website, with additional details to be shared closer to the transition date.
Under the terms of the agreement, the acquisition of the portfolio is estimated to bring over $20 billion of card balances to the Chase platform. Although the close is not anticipated for approximately 24 months and is subject to regulatory approvals, JPMorgan Chase expects to recognize a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to the forward purchase commitment. Apple Payments Services LLC, a subsidiary of Apple Inc., acts as a service provider for Apple Card and Savings accounts, with Apple Cash services provided by Green Dot Bank.
