NEW YORK CITY (dpa-AFX) - Apple Inc. and JPMorgan Chase announced that Chase will become the new issuer of Apple Card, replacing Goldman Sachs Bank USA. The transition is expected to take place over approximately 24 months, subject to regulatory approvals. During this period, Apple Card users will continue to use their cards as normal, with Mastercard remaining the payment network.
Apple emphasized that users will retain the Apple Card experience, including up to 3 percent unlimited Daily Cash back on purchases, easy-to-navigate spending tools, Apple Card Family, access to a high-yield Savings account, and more. With Apple Card Family, users can share an account with members of their Family Sharing group. Apple Card Monthly Installments (ACMI) will also remain available, allowing customers to pay for new Apple products over time, interest-free.
The agreement between Apple and Chase is expected to transfer over $20 billion of card balances to the Chase platform. JPMorgan Chase anticipates recognizing a $2.2 billion provision for credit losses in the fourth quarter of 2025 related to the forward purchase commitment.
Apple Card is currently issued by Goldman Sachs Bank USA, Salt Lake City Branch, and is subject to credit approval for qualifying applicants in the United States. Apple Payments Services LLC, a subsidiary of Apple Inc., acts as a service provider to Goldman Sachs Bank USA for Apple Card and Savings accounts.
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