Chase to Become New Issuer of Apple Card, Replacing Goldman Sachs
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Apple has confirmed that Chase will become the new issuer of Apple Card, taking over from Goldman Sachs [1]. the transition is expected to be completed within approximately 24 months [1], ending a partnership that began in 2019.
What This Means for Apple Card Users
apple assures cardholders that they can continue to use their Apple Card as normal during the transition period [1]. Specific details regarding the transition will be communicated directly to users as the completion date approaches. Currently, no action is required from Apple card holders [1].
Why the Change?
The move comes after speculation regarding the future of the Apple Card partnership with Goldman Sachs [2]. JPMorgan Chase is taking over a $20 billion credit card portfolio [2]. While Apple did not explicitly state the reasons for the switch,it highlights a renewed commitment to innovation and customer experience [1].
What to Expect during the Transition
Here’s a breakdown of what Apple Card users can expect throughout the transition process [1]:
- No Reapplication Needed: Existing users will not be required to reapply for a new card.
- Mastercard Network Remains: The Apple Card will continue to operate on the Mastercard network.
- Current Payments: Continue making payments as usual. Upon completion of the transition, balances will transfer to Chase.
- Apple Card Savings: Access to Apple Card savings will continue, with further details provided closer to the transition date.
- Wallet App Management: Users will continue to manage their accounts through the Wallet app.
- Physical Card Use: The existing physical Apple Card can continue to be used. Details about any changes to the physical card will be provided as the transition nears.
- Apple card monthly Installments: Apple Card Monthly Installments (ACMI) will remain available for purchases at Apple store locations, apple.com,and the Apple Store app.
- No Fees: The Apple card will continue to have no annual, late, or foreign transaction fees.
- Credit Reporting: Credit reports will be updated to reflect Chase as the issuing bank once the transition is complete.
Statements from Apple and Chase
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, expressed confidence in the partnership with Chase, stating that the bank shares Apple’s commitment to innovation and customer service [1].
Looking Ahead
The transition of the Apple Card to Chase represents a meaningful shift in the financial landscape. While the timeline is approximately two years, Apple emphasizes a smooth transition for its users [3]. As the transition progresses, users should expect further interaction from Apple and, eventually, Chase with specific instructions and updates.