After much negotiation, Apple and JPMorgan Chase have officially announced that the bank plans to be the new issuer of the Apple Card. Currently, the card is issued and serviced by Goldman Sachs. The transition is still subject to closing conditions and regulatory approvals.
If you’re an existing cardholder, you can expect to be transitioned to the new issuer in about 24 months. What does that entail? Full details aren’t yet available, but Chase and Apple offered a glimpse in their recent announcement.
Early details
If you’re an existing holder of the Apple Card, you will not need to reapply for it. During the transition, you can continue to use the card in the same manner. It still earns:
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3% cash back on Apple purchases and at select merchants like Nike, Uber, Walgreens and more, when you use the Apple Card with Apple Pay.
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2% cash back on all other purchases when you use the Apple Card with Apple Pay.
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1% cash back on purchases made with the physical Apple Card.
The Apple Card will continue to have no annual fee, no late fees and no foreign transaction fees. Mastercard will remain the payment network, meaning the card will still be broadly accepted globally.
You can keep managing your account in the Wallet app and at card.apple.com. If you have a savings account, it will remain accessible. It’s also still possible to purchase Apple products with the card’s monthly installments feature when you use it to check out at Apple Store locations and via Apple’s website and app.
Stay tuned
Once the transition is complete, your balance will be with Chase. If there are any instructions regarding card number changes, physical card changes or other details, they should be provided to you as the transition date approaches.