Apple's Credit Card Is Changing Banks. What Does This Mean for Your Finances?

JPMorgan Chase to Take Over as Apple Card Issuer

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Apple and JPMorgan Chase have announced that Chase will become the new provider of the Apple Card, taking over from Goldman Sachs. This transition is expected to be completed within the next two years.

Main Points

• When JPMorgan assumes responsibility for the Apple Card, all existing balances, rewards, and account histories—including those from Apple Savings—will transfer seamlessly.
• Apple Savings customers will have the option to either keep their current Goldman Sachs savings account or switch to a new savings account offered by JPMorgan.

What Apple Card and Apple Savings Users Should Know

If you currently use an Apple Card or have funds in an Apple Savings account, your account will soon be managed by a different bank. Here’s what this means for you:

On Wednesday, Apple (AAPL) and JPMorgan Chase (JPM) revealed their agreement for Chase to become the new issuer of the Apple Card, replacing Goldman Sachs. The companies anticipate the transition will take about two years to complete.

According to both companies, all Apple Card and Apple Savings balances, payment records, credit limits, and Daily Cash rewards (the cashback you receive after purchases) will be transferred to JPMorgan during the switch.

Why This Change Is Important

This shift affects who manages your Apple Card and Apple Savings accounts. For most users, balances and rewards will be moved automatically, so you won’t need to take any action.

One significant update is that both existing and new Apple Card holders can open an Apple Savings account. After the transition, current Apple Savings customers will be able to choose between a new savings account from JPMorgan or continue with their existing Goldman Sachs account, according to sources cited by The Wall Street Journal.

The current Apple Savings account offers no monthly fees or minimum balance requirements and is insured by the federal government for up to $250,000. As of Thursday, the account yields a 3.65% annual percentage yield (APY). Chase does not yet provide a high-yield savings account, but reports indicate the bank is developing a new savings product to accompany the Apple Card. Apple has stated that more details will be shared with users as the transition date approaches.

Mastercard (MA) will remain the payment network for the Apple Card. Apple has indicated that the card’s terms will not change, but credit reports will be updated to reflect Chase as the new issuer.

Apple has assured customers that any updates or further information will be communicated directly to Apple Card users as the transition nears.

Speculation about a partnership between Apple and Chase has been circulating since late 2024. In January 2025, Goldman Sachs acknowledged it might end its credit card collaboration with Apple.