Apple has announced that JPMorgan Chase will take over as the issuer of the Apple Card, a move that is expected to transition over a period of 24 months. While this change occurs, the Apple Card will continue to utilize the Mastercard network for payments, ensuring a seamless experience for consumers applying for new cards or using existing ones.
JPMorgan Chase’s deal with Apple is projected to shift over $20 billion in card balances to Chase, with Goldman Sachs reportedly parting ways at a $1 billion discount. The transition follows the anticipated conclusion of the Apple-Goldman partnership, with reports dating back a few years.
Initially launched in 2019 in collaboration with Goldman Sachs, the Apple Card introduced a customer-friendly approach by eliminating late fees and penalty interest rates. The card’s benefits include up to 3% daily cashback on purchases from Apple and selected partners, 2% cashback on Apple Pay transactions, and 1% cashback on physical card usage.
Source: TechCrunch