Apple has officially confirmed that JPMorgan Chase will take over as the issuer of Apple Card, marking a major shift in its financial partnership strategy. The transition will occur gradually over the next 24 months, and importantly, Apple says customers will not face any service disruptions during the process.
The announcement follows earlier reports suggesting a deal was close. Apple has now made the move public and shared details through a dedicated FAQ to reassure cardholders.
What This Means for Apple Card Users
For now, Apple Card users can expect business as usual. Apple confirmed that Mastercard will remain the payment network, and existing features such as zero fees, Daily Cash rewards, and Apple Wallet integration will continue unchanged.
Additionally, customers will retain full access to their Apple Savings accounts during the transition. While Apple has not finalized details on how savings accounts will move, earlier reports suggest users may have options when the time comes.
Why Apple Is Moving Away From Goldman Sachs
Apple originally launched Apple Card with Goldman Sachs in 2019. Although the card gained popularity with consumers, the partnership struggled financially. Goldman Sachs reportedly lost money on the product and began pulling back from consumer banking, eventually seeking an exit as early as 2023.
As a result, Apple began searching for a new partner with stronger experience in large-scale consumer credit programs.
Why Chase Is a Strategic Fit
Chase brings deep expertise in co-branded credit cards, including travel and rewards-focused offerings. Apple believes this experience will help unlock future innovations for Apple Card, which has seen limited expansion in rewards since launch.
Jennifer Bailey, Apple’s Vice President of Apple Pay and Wallet, said Chase shares Apple’s commitment to innovation and customer-focused financial tools. Chase executives echoed that sentiment, highlighting shared goals around consumer financial health.
What Happens Next
Although the transition will take time, Apple emphasized that users should expect little to no short-term change. Card balances will eventually move to Chase, and Apple will provide clear guidance well before any action is required.
