Today, Apple and Chase announced that Chase will become the new issuer of Apple Card, with an expected transition in approximately 24 months.

Apple Card users can continue to enjoy the award-winning experience of Apple Card, which includes up to 3 percent unlimited Daily Cash back on every purchase, easy-to-navigate spending tools, Apple Card Family,¹ access to a high-yield Savings account,² and more. Mastercard will remain the payment network for Apple Card, and Apple Card users can continue to access Mastercard’s global acceptance and benefits.

“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.” 

“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.”

“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.

Introduced in 2019, Apple Card is designed with users’ financial health in mind, and has become a top choice among consumers for its innovative features, seamless user experience, and commitment to customer privacy and security. With absolutely no fees,³ Apple Card makes it easy to track purchases and manage spending from Apple Wallet, while offering up to 3 percent Daily Cash back on every purchase, which users can choose to have automatically deposited onto their Apple Cash card in Wallet and can be used for in-store, online and in-app purchases with Apple Pay.⁴

With Apple Card Family, users can also share an Apple Card account with anyone added to their Family Sharing group. Another benefit is Apple Card Monthly Installments (ACMI), which allows users to pay for new Apple products over time, interest-free, when they choose to check out with ACMI at Apple.⁵ Additionally, users can open a Savings account through Apple Card, and once it is set up, will have all their future Daily Cash automatically deposited there, providing users with even more options.

During this transition, Apple Card users can continue to use their card as they normally do. More information, including FAQs, is available at learn.applecard.apple/transition. Additional details will be shared with users as the transition date approaches.

Under the terms of the agreement, the purchase of the portfolio is estimated to bring over $20 billion of card balances to the Chase platform⁶. Although close is not anticipated for approximately 24 months, and is subject to regulatory approvals, JPMorganChase expects to recognize a $2.2 billion provision for credit losses in 4Q25 related to the forward purchase commitment.