JPMorgan Chase has prepared to become Apple Card’s new issuer, transitioning to its role in the next 24 months.
Apple Card users will continue to leverage the same experience they have come to know, which includes up to 3% unlimited daily cashback on every purchase, spending tools, access to a high-yield savings account, and more. Additionally, Mastercard will remain the payment network for the card, and users can access its global acceptance and benefits.
New features for Apple Card
Launched in 2019, Apple Card was designed with users’ financial health as the primary focus, offering security, privacy, and intuitive tools. With no fees, the card helps users track every purchase and manage spending from Apple Wallet, offering a 3% cashback daily on every purchase, which individuals can choose to have automatically deposited onto their Apple Cash card and can be used for in-store, online, and in-app shopping.
Apple expressed positive sentiments regarding the initiative with Chase, saying that its card aims to transform the credit experience for customers by offering new tools that drive healthier financial decisions. Chase shares this commitment to developing the solution and offering better services that improve customers’ lives.
Card owners can leverage Apple Family to share their account with anyone added to their Family Sharing group. Using its Apple Card Monthly Installments (ACMI) feature, they can also pay for Apple products over time, interest-free, when they choose to check out with ACMI at Apple. Additionally, when they open a savings account, customers have all their future cashback automatically deposited there, having more options in how they manage funds.
During the transition period, Apple Card users will continue to use the service as they normally do, with additional information being shared with them as the transition date approaches. As per the agreement, the purchase of the portfolio is estimated to bring over USD 20 billion of card balances to the Chase platform, with the bank expecting to recognise a USD 2.2 billion provision for credit losses in Q4 2025 related to the commitment, subject to regulatory approvals.
