WILMINGTON, DE — Apple and Chase announced that Chase will become the new issuer of Apple Card, setting the stage for one of the most consequential shifts yet in the fast-growing co-branded credit card market.
The companies said the transition is expected to take place in approximately 24 months and remains subject to regulatory approvals. Until then, Apple Card users can continue to use their cards as usual, with no immediate changes to features, benefits, or customer experience.
Apple Card will continue to operate on the Mastercard network, preserving global acceptance and existing Mastercard benefits. Users will still receive up to 3 percent unlimited Daily Cash back on purchases, along with access to Apple’s suite of spending tools, Apple Card Family, a high-yield savings account, and other features embedded in Apple Wallet.
“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. She said Chase shares Apple’s focus on innovation and customer service, setting the foundation for the next chapter of the product.
For Chase, the agreement represents a major expansion of its co-branded card business. Under the terms of the deal, the portfolio transfer is expected to bring more than $20 billion in card balances onto the Chase platform. JPMorganChase said it anticipates recording a $2.2 billion provision for credit losses in the fourth quarter of 2025 tied to the forward purchase commitment, even though the transaction is not expected to close for roughly two years.
“Apple is an iconic brand recognized globally for its innovation, design excellence, and commitment to delivering exceptional customer experiences,” said Allison Beer, chief executive officer of card and connected commerce at Chase. She said the partnership deepens the relationship between the two companies and positions them to innovate together in consumer payments.
Mastercard said it will continue its longstanding role supporting Apple Card as issuer responsibilities change hands.
“We’re thrilled to work with Apple and Chase to continue our partnership on Apple Card,” said Linda Kirkpatrick, president of the Americas at Mastercard. She said Apple Card has helped push the consumer payments experience to a new level through simplicity, security, and scale.
Launched in 2019, Apple Card has gained traction by eliminating fees, emphasizing privacy and security, and integrating tightly with Apple Wallet. Users can track spending in real time, receive Daily Cash back automatically, and apply rewards directly to purchases or deposits. Additional features include Apple Card Monthly Installments, which allow interest-free payments on Apple products, and the ability to open a linked savings account that automatically receives Daily Cash.
Apple said more information for cardholders, including frequently asked questions about the transition, is available at learn.applecard.apple/transition. Additional details will be shared as the transition date approaches.
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