Apple has announced that Chase will take over as the new issuer of Apple Card, succeeding Goldman Sachs, with the change anticipated to take place in about 24 months. Throughout this timeframe, Apple Card holders may continue to utilize their cards as usual, and additional information will be shared as the transition date draws closer.
Jennifer Bailey, Apple’s VP of Apple Pay and Apple Wallet, highlighted the pride in how Apple Card has changed the credit card landscape, underlining the mutual dedication to innovation shared by Apple and Chase. Apple has established a new webpage to answer commonly asked questions about the transition.
Key points regarding the transition include:
– Current Apple Card users will not have to reapply.
– Mastercard will persist as the payment network.
– Users should keep settling their balances as they currently do; balances will roll over to Chase after the transition.
– Access to Savings will remain, with further details to be provided later.
– Users can oversee their Apple Card accounts via the Wallet app.
– Existing physical Apple Cards can continue to be used normally, with updates about new cards forthcoming.
– Apple Card Monthly Installments will still be an option for purchasing Apple goods.
– There will be no fees linked to Apple Card, including annual, late, or foreign transaction charges.
– Credit reports will show Chase as the new issuing bank once the transition is finalized.
At present, Apple indicates that there is no action required from Apple Card users for the transition to Chase, and any necessary updates will be shared directly with users as the transition date approaches. Additional information is available on Apple’s website.
