Today marks the seventh anniversary of the wide availability of the Apple Card in the United States, following a more limited preview period.
Apple’s credit card can be managed in the iPhone’s Wallet app, with key benefits including color-coded spending summaries, no fees, and daily cash back paid out daily. Apple Card holders can also open a high-yield savings account.
This anniversary precedes a big change planned for the Apple Card.
In January, Apple announced that Chase would become the new Apple Card issuer by early 2028.
Currently, the Apple Card is issued by Goldman Sachs, but the investment banking firm is shutting down its consumer lending business following significant financial losses and other problems over the years. Apple has reportedly let Goldman Sachs pull out of the Apple Card deal that was supposed to last until 2030, and is now turning to Chase, a major American banking chain owned by the huge financial institution JP Morgan.
In an FAQ, Apple said cardholders can continue to use the Apple Card as they usually do.
Once the transition is complete, Apple Card balances for open accounts will be with Chase, and this will be reflected on each cardholder’s credit report.
Goldman Sachs will continue to provide customer service to Apple Card users in the meantime.
Mastercard will remain the payment network for Apple Card.
Apple said additional details regarding the transition will be shared with all Apple Card users as the transition date approaches, so there is no further specific information yet. It looks like the Apple Card experience will stay the same until early 2028, but there could be changes beyond that that will be announced later.
Unfortunately, the Apple Card remains only available in the United States and there is no indication that this will change in the near future.
