Chase to take over as issuer of Apple Card in two-year transition

Apple has confirmed that Chase will become the new issuer of Apple Card, with the transition expected to take place over approximately 24 months.

In a joint statement, Apple and Chase said Mastercard will remain the payment network for Apple Card, ensuring users continue to benefit from Mastercard’s global acceptance and associated protections. Apple Card customers will be able to use their cards as normal throughout the transition period, the companies said.

Apple Card, introduced in 2019, was positioned as a rethinking of the credit card experience, tightly integrated into the iPhone and focused on transparency and financial health. The product offers up to 3% unlimited Daily Cash back on purchases, alongside spending and budgeting tools, Apple Card Family and Apple Card Monthly Instalments for interest-free purchases on eligible Apple products. The card has no fees and allows users to deposit Daily Cash automatically into Apple Cash or a linked high-yield savings account.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said the partnership with Chase builds on the original aims of the product. “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,” she said. Bailey added that Chase shares Apple’s focus on innovation and customer experience, and that the companies plan to continue developing the product together.

Allison Beer, chief executive of Card and Connected Commerce at Chase, described Apple as a natural partner. “Apple is an iconic brand recognised globally for its innovation, design excellence, and commitment to delivering exceptional customer experiences,” she said. Beer said the move deepens an existing relationship and brings Apple into Chase’s co-brand credit card programme, with a shared emphasis on supporting consumer financial health.

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While the companies did not outline changes to Apple Card’s features or terms, they stressed continuity during the handover. Apple said further details will be communicated to users as the transition date approaches, and that frequently asked questions are available through its support channels.

The change in issuer marks a significant shift behind the scenes for one of the most high-profile consumer finance products launched by a technology company, but Apple and Chase are keen to frame it as an operational transition rather than a reset for customers.

The Recap

• Chase will become issuer of Apple Card after transition.
• Apple Card continues to offer up to 3 percent Daily Cash.
• Transition is expected in approximately 24 months, company said.