Apple has named Chase as the new issuer of Apple Card, marking the end of its partnership with Goldman Sachs.
The transition is expected to take place over the next 24 months.
Apple Card customers will continue to use their cards as normal during the changeover. Mastercard will remain the payment network, with users retaining access to its benefits and global acceptance.
Apple said the move will not affect core features of Apple Card, including up to 3 percent Daily Cash, Apple Card Family, Apple Savings and monthly instalments on Apple products.
“We’re incredibly proud of how Apple Card has transformed the credit card experience,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
She said Apple and Chase share a focus on innovation and financial wellbeing and promised a “best-in-class” experience for customers.
Allison Beer, Chase’s chief executive of Card and Connected Commerce, said the bank was “proud to deepen” its relationship with Apple.
“Apple is an iconic brand recognised globally for its innovation,” she said. “We’re excited to innovate together in the future.”
Mastercard welcomed the three-way partnership and said it would continue supporting Apple Card at scale.
Apple Card launched in the U.S. in 2019 with Goldman Sachs as its issuing bank.
The card was designed as a digital-first product built into Apple Wallet, offering real-time spending summaries, Daily Cash rewards and no fees. Apple later added features including Apple Card Family sharing and a high-yield savings account.
Despite strong adoption and heavy interest overseas, Apple Card remains limited to the United States. Apple has not announced plans for an international rollout.