Apple confirms a big Apple Card change, but users shouldn't panic

Apple and Chase have just confirmed that Chase will become the issuer of the Apple Card over the next 24 months.

JPMorgan Chase to be the new Apple Card issuer 

Recently, a report indicated that the Cupertino tech giant may be closing a deal with JPMorgan Chase in order for the financial institution to become the new issuer of Apple Card. Apple has also publicly confirmed the move now, so it's official. 

The tech giant has now published a FAQ website focused on helping people get answers on the transition. While the transition is happening, Apple Card holders will continue to have access to the card and Apple Savings. 

At the end, card balances will transfer to Chase. So far, Apple has not revealed any details, including how the Apple Savings transition will work. The report from earlier hinted that customers may have the option to stay with Goldman Sachs or move to a Chase-based account. But this is not confirmed information. 

Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, said that the company is proud of how Apple Card has transformed the credit card experience with innovative tools and empowerment for users to make healthier financial decisions. 

An Apple Card change that shouldn't be surprising

Back in 2019, Goldman Sachs partnered with the Cupertino tech giant to introduce the Apple Card. However, the company reportedly lost money on Apple Card and has since begun to take its exit from the consumer credit card business. 

Goldman Sachs has been looking for ways to exit the partnership for a while now. Reports indicated that Apple had offered it a way to do so back in 2023.  

At the time, the transition to a new issuer was reportedly going to take from 12 to 15 months. Obviously, it's been more than that now. To be precise, it's been over two years since then. 

According to reports, Chase has been in negotiations with Apple for over a year now. Allegedly, another 24 months will be needed to finish the transition. 

Chase specializes in many types of consumer-focused cards, and it has rewards and travel points. As such, it would be a great partner for Apple Card. Basically, for now, the Apple Card will continue to work as is. There shouldn't be many changes in how the card itself works, or the cash backs, Apple Savings, or anything else in the short term. 

Obviously, when the transition progresses, you should expect some changes. However, when that time comes, Apple will likely be informing you of that. For now, you can refer to its FAQ website if you have questions about the transition. 

That's a reassuring move, in my opinion

Honestly, this move is more reassuring than worrying, if you ask me. Chase is a huge name in consumer banking, and it already runs some of the most popular credit cards out there. If Apple had to pick a new partner, this is probably one of the safest and most experienced choices it could make. 

As long as the Apple Card keeps its no-fees promise and the simple, clean experience stays the same, most users won't feel much difference at all.

What I’ll be watching is whether Chase brings extras down the line. Better rewards, more flexibility, or clearer savings options could actually make the Apple Card stronger than before. For now, though, I like that Apple is taking its time and being open about the transition. Slow and boring is exactly what you want when it comes to your money.