The world of consumer finance just got a major shake-up! After much speculation, Apple has officially announced that JPMorgan Chase will be taking over as the new issuing bank for the Apple Card, replacing Goldman Sachs. This is big news for the millions of Apple Card holders and a significant development in the broader financial tech landscape.
First and foremost, don’t panic! Your Apple Card isn’t going anywhere, and your Daily Cash rewards are still yours. The transition to Chase is expected to be a smooth process, designed to minimize disruption for existing cardholders.
While the exact details of the transition plan are still emerging, here’s what we can anticipate and why this move is generating so much buzz:
This partnership brings together two titans in their respective fields: Apple, a leader in innovation and user experience, and Chase, one of the largest and most established financial institutions globally. This union has the potential to elevate the Apple Card experience to new heights.
Apple Card users can continue to enjoy the award-winning experience of Apple Card, which includes up to 3 percent unlimited Daily Cash back on every purchase, easy-to-navigate spending tools, Apple Card Family, access to a high-yield Savings account, and more. Mastercard will remain the payment network for Apple Card, and Apple Card users can continue to access Mastercard’s global acceptance and benefits.
“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.”
“We’re thrilled to work with Apple and Chase to continue our longstanding partnership on Apple Card. The innovation on Apple Card has taken the consumer payments experience to the next level, and we look forward to delivering simple, secure, and seamless payments at global scale,” said Linda Kirkpatrick, Mastercard’s president of the Americas.
