Apple and Chase have announced that Chase will become the new issuer of Apple Card. The transition is expected to take place over the next 24 months.

Apple Card users will continue to have access to existing features.

These include up to 3% Daily Cash back on purchases, spending management tools, Apple Card Family, access to a high-yield Savings account, and Mastercard’s global acceptance and benefits.

Mastercard will remain the payment network for Apple Card.

“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,”

said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.

“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.”

“Apple is an iconic brand recognised globally for its innovation, design excellence, and commitment to delivering exceptional customer experiences,”

said Allison Beer, Chase’s CEO of Card & Connected Commerce.

“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 co-brand credit card programme. We’re excited to innovate together in the future.”

Introduced in 2019, Apple Card is designed to support users’ financial management.

It offers tools such as Apple Card Family, Apple Card Monthly Installments for interest-free payments on Apple products, and a linked Savings account for automatic Daily Cash deposits.

During the transition period, Apple Card users can continue to use their cards as normal.

Featured image credit: Edited by Fintech News Switzerland, based on image by Achmad Khoeron via Freepik and Apple