Apple and Chase have announced that Chase will serve as the new issuer of the Apple Card, with the transition anticipated to be completed within approximately 24 months.
Apple Card customers can continue to enjoy the exceptional benefits of Apple Card, including up to 3% unlimited Daily Cash back on every purchase, user-friendly spending management tools, Apple Card Family, access to a high-yield Savings account, and additional features. Mastercard will remain the designated payment network for Apple Card, allowing users to benefit from Mastercard’s extensive global acceptance and associated privileges.
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“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. “Chase shares our commitment to innovation and delivering products and services that enhance consumers’ lives. We look forward to working together to continue to provide a best-in-class experience and exceptional customer service with Apple Card.”
Introduced in 2019, the Apple Card was developed with users’ financial well-being in mind and has quickly become a preferred option among consumers due to its innovative features, streamlined user experience, and dedication to customer privacy and security. With no fees, the Apple Card simplifies the process of tracking purchases and managing spending through Apple Wallet. It also offers up to 3 percent Daily Cash back on each purchase, which can be automatically deposited onto the Apple Cash card within Wallet and used for in-store, online, and in-app transactions with Apple Pay.
With Apple Card Family, users can share an Apple Card account with members of their Family Sharing group. Another feature is Apple Card Monthly Installments (ACMI), which enables users to finance new Apple products over time without interest when selecting ACMI during purchase at Apple. Additionally, users can open a Savings account through Apple Card, and once established, all future Daily Cash rewards will be automatically deposited into that account, offering additional financial management options.
“Apple is an iconic brand recognized globally for its innovation, design excellence, and commitment to delivering exceptional customer experiences,” said Allison Beer, Chase’s chief executive officer of Card & Connected Commerce. “We share a commitment to supporting consumer financial health, and we’re proud to deepen our relationship by welcoming them as the newest partner in our industry-leading co-brand credit card program. We’re excited to innovate together in the future.”
With Apple Card Family, users have the ability to share an Apple Card account with anyone included in their Family Sharing group. A further benefit is Apple Card Monthly Installments (ACMI), which enables users to finance new Apple products over time interest-free when selecting ACMI during checkout at Apple. Additionally, users can open a Savings account through Apple Card, and once established, all future Daily Cash rewards will be automatically deposited into the account, offering additional financial management options.
“We’re thrilled to work with Apple and Chase to continue our longstanding partnership on Apple Card. The innovation on Apple Card has taken the consumer payments experience to the next level, and we look forward to delivering simple, secure, and seamless payments at global scale,” said Linda Kirkpatrick, Mastercard’s president of the Americas.
During this transition, Apple Card users may continue to use their cards as usual. Additional details will be provided to users as the transition date approaches.