Apple Card Turns Seven With Big Change Ahead - MacRumors
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Apple Card Turns Seven With Big Change Ahead

Today marks the seventh anniversary of the Apple Card becoming widely available in the U.S., following a more limited preview period.

Apple Card iPhone 16 Pro Feature
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 cash back paid out daily. Apple Card holders can also open a high-yield savings account.

The anniversary comes ahead of a big change planned for the Apple Card.

In January, Apple announced that Chase will become the new Apple Card issuer by early 2028.

Currently, the Apple Card is issued by Goldman Sachs, but the investment banking firm is winding down its consumer lending business following significant financial losses and other issues over the years. Apple reportedly let Goldman Sachs out of the Apple Card contract that was supposed to run until 2030, and it has now turned to Chase, a large U.S. banking chain owned by the massive financial institution J.P. Morgan.

In a FAQ, Apple said cardholders can continue to use the Apple Card as they normally 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 interim.

Mastercard will remain the Apple Card's payment network.

Apple said additional details regarding the transition will be shared with all Apple Card users as the transition date approaches, so there is no other specific information yet. It sounds like the Apple Card experience will remain the same until early 2028, but there could be some changes beyond that to be announced later.

Unfortunately, the Apple Card remains available in the U.S. only, and there is no indication that will change in the near future.

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Top Rated Comments

MrWillie Avatar
9 weeks ago
"Here is a new Apple Card. Using an angle grinder or a cutting torch, please cut your old card in half."
Score: 13 Votes (Like | Disagree)
BigMcGuire Avatar
9 weeks ago
Apple Card is one of my most favorite credit cards. Granted, it doesn’t give me the rewards my others do (2% vs 4%) but it is convenient and easy to use. I like my Chase cards too so if it goes to Chase, works for me.

Big thing for me is the convenience factor of seeing things on my iPhone - ease of transferring money between Apple Cash, Apple Card, etc.

Edit: 4% in my case is the Verizon Wireless credit card only on groceries/restaurants/gas/ev charging and only redeemable to a Verizon Wireless bill.
Score: 13 Votes (Like | Disagree)
NightFox Avatar
9 weeks ago

I could be completely wrong but Chase does operate in the UK so once the contract changes Apple might then have the means to launch in the UK too at least.

Seven years only in US!

They won’t bring the iCard to the EU until the EU allows them to bring back the Lightning connector!

Disappointing to see that it has still not expanded outside US. Don't think it will ever be available in my country.
If you're all wanting to see Apple's card available outside of the US because you think you'll be getting similar offers and cashback deals, then you're going to be disappointed. In the US, card issuers typically charge merchants transaction fees of around 2-3.5% which means they've got plenty of profit on every transaction to occasionally offer some back to consumers as an incentive. However, in many other countries the transaction fees are capped at a much lower rate, e.g. 0.2% for debit cards in the EU, so there's no nice big slice of every transaction to fund things like this. Likewise, being a card issuer outside the US is not as financially attractive to companies like Apple as the transaction income is relatively low.

TL;DR, cashback offers are funded by 10x higher transaction fees in the USA (that are typically passed on to the consumer).
Score: 11 Votes (Like | Disagree)
bradman83 Avatar
9 weeks ago

Chase is a notoriously stingy bank, so get ready for all of yalls 26k limits to get slashed lmao
Counterpoint: Goldman Sachs being not-so-stingy with credit limits and approval criteria is part of the reason why the Apple Card losing money for them. They've reported a net charge-off rate roughly double major competitors like Chase.

You can call Chase stingy, but in reality it's sound credit underwriting by not setting up people with more credit than they can reasonably handle.
Score: 10 Votes (Like | Disagree)
mattopotamus Avatar
9 weeks ago

I wonder if Apple will finally start offering more competitive rewards and benefits once Chase becomes the issuer. As it stands there's no compelling reason to get an Apple Card.
2% cash back (when using apple pay) that deposits daily is about par for the course for non-annual fee cash back cards. The 3% for apple products is also really nice. Not sure what else they would consider for a free card.
Score: 7 Votes (Like | Disagree)
9 weeks ago
One of my favorite apple products. The ease of payments, the built in reminders. It's been great for us.
Score: 6 Votes (Like | Disagree)
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