Chase to become new issuer of Apple Card in 24-month transition

Apple Inc. and JPMorgan Chase & Co. (NYSE: JPM) announced that Chase will become the new issuer of Apple Card, with the transition expected to occur in approximately 24 months.

The agreement will transfer over $20 billion in card balances to Chase's platform, according to the companies' joint statement. 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. The transition remains subject to regulatory approvals.

Apple Card users will continue to receive the same features during and after the transition, including up to 3 percent Daily Cash back on purchases, spending management tools, Apple Card Family sharing options, and access to a high-yield savings account. Mastercard will remain the payment network for the card.

"Chase shares our commitment to innovation and delivering products and services that enhance consumers' lives," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. "We look forward to working together to continue to provide a best-in-class experience and exceptional customer service with Apple Card."

Allison Beer, Chase's chief executive officer of Card & Connected Commerce, said the partnership deepens the relationship between the companies and welcomes Apple to Chase's co-brand credit card program.

Apple Card was introduced in 2019 and currently offers features such as no fees, integration with Apple Wallet for purchase tracking, and Apple Card Monthly Installments for interest-free payments on Apple products. The card is currently issued by Goldman Sachs Bank USA.

During the transition period, Apple Card users can continue using their cards normally. The companies stated that additional details will be shared as the transition date approaches.

You May Also Be Interested In

• Winnebago Industries refinances credit facility, extends maturity to 2031
• Goldman Sachs Downgrades AAC Technologies Holdings Inc. (2018:HK) (AACAY) to Neutral
• Nu Skin EVP of global sales takes medical leave