Apple and JPMorgan Chase announced Chase will become the new issuer of Apple Card, with the transition expected to take place in approximately 24 months from January 7, 2026. During the transition period, Apple Card users can continue using their cards as normal.
Mastercard will remain the payment network for Apple Card, preserving the card’s global acceptance and associated network benefits. Apple and Chase said they plan to continue offering the existing Apple Card experience, including Daily Cash rewards, spending tools in Apple Wallet, Apple Card Family, access to a high-yield Savings account, and features such as Apple Card Monthly Installments for Apple purchases.
Under the agreement, Chase’s purchase of the portfolio is estimated to bring more than $20 billion of card balances onto the Chase platform. JPMorgan Chase said the transaction is not expected to close for about 24 months and remains subject to regulatory approvals. The bank also said it expects to recognize a $2.2 billion provision for credit losses in the fourth quarter of 2025 tied to the forward purchase commitment.
Apple Card launched in 2019 and is marketed around fee-free usage, integration with Apple Wallet and privacy and security features, with rewards that can be directed to Apple Cash or automatically deposited into the associated Savings account, Apple said.
KEY QUOTES:
“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.” “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.”
Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, Apple
“Apple is an iconic brand recognized globally for its innovation, design excellence, and commitment to delivering exceptional customer experiences.” “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.”
Allison Beer, CEO of Card & Connected Commerce, Chase
“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.”
Linda Kirkpatrick, President of the Americas, Mastercard
