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Apple Card Turns Seven With Big Change Ahead

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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.jpg

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.

Article Link: Apple Card Turns Seven With Big Change Ahead
 
Article Link
https://www.macrumors.com/2026/08/20/apple-card-turns-seven-with-big-change-ahead/
Is this going to be a problem for some? I don't think they can just share your private information with another lender or banking institution without asking us to go through the setup process again and provide personal information. I expect we will see Lawsuits filed by people claiming that GS gave our Social Security and other information to C/JPM when that time comes.
 
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From what I can gather, nothing should change as far as features or typical user experiences. But when and if you need to contact the customer support, I presume Chase will be much better equipped than Goldman Sachs, which has been terrible from what I read.
 
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pakupakuman said:
There goes the yield. Start shopping around.
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That’s what I'm thinking. Chase is ranked as one of the worst banking institutions from what I have seen, especially with fees. Wonder how Apple will handle that. I hate using PayPal, but their savings APY is high, like Apple Savings
 
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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.
 
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There’s a reel on instagram offering increased credit limit on the card. If it’s a scam is a pretty good one. Even logs you in and sends the code to your Apple devices.
 
iBJW said:
Is this going to be a problem for some? I don't think they can just share your private information with another lender or banking institution without asking us to go through the setup process again and provide personal information. I expect we will see Lawsuits filed by people claiming that GS gave our Social Security and other information to C/JPM when that time comes.
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They sure can you already agreed to it. I just went trough all this with my American Airlines card transferring from Chase to Citi. I did not have to do anything it was "magical"
 
poematik13 said:
Chase is a notoriously stingy bank, so get ready for all of yalls 26k limits to get slashed lmao
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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.
 
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k1121j said:
What about the savings account does that go to chase?
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No, I highly doubt it. The savings account is just a Marcus by Goldman Sachs savings account. I have a Marcus account independently of the Apple Card. Goldman Sachs is NOT shutting down Marcus, just lending i.e. credit cards and personal loans. Marcus still gives you a much higher APY than Chase ever will, or ever has. Don't sweat it.
 
bradman83 said:
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.
Click to expand...

That was Apple's fault. Apple pushed GS to approve applications for people who never should have been approved for the card. Apple was stupid.
 
tennisproha said:
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.
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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.
 
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I have been enjoying my Apple Card ever since I got it September 2024. I hope Chase doesn’t mess it up. I think it’s the best card I ever had because of how well it’s integrated with my iPhone.

As for my Goldman Sach’s savings account, I believe I will be able to keep it open and continue to have cash back deposited in it.
 
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BigMcGuire said:
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.
Click to expand...

Who is giving you 4% on what? On all purchases without an annual fee?
 
mwhite said:
That was Apple's fault. Apple pushed GS to approve applications for people who never should have been approved for the card. Apple was stupid.
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Eh I blame both of them. From my recollection this was GS's first (and only) consumer credit card, so they didn't have the expertise to know that the terms Apple wanted for the card weren't exactly economically viable. It is possible to price cards in such a way that you can have loose approval terms and high charge offs but still be profitable. Apple's instance on no fees likely killed any chance of that.

I would wager that Apple probably approached a variety of banks with more experience in the consumer card space and those banks most likely told Apple that what they wanted wouldn't be economically viable.
 
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mattopotamus said:
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.
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I agree but the 1% on the physical card could be improved. They did that to promote Apple Pay, but it's not our fault if a merchant doesn't accept Apple Pay, or worse, if a merchant does accept Apple Pay but for some reason their card reader has a fault that makes it reject the Apple Card, forcing you to use the physical card. This happened to me twice. I stopped going to that merchant, as they never got it fixed. For what it's worth, that merchant's terminal was also rejecting Amex Gold Cards too. And here's the kicker - the payment terminal was provided to the merchant by Chase. Physical Card purchases should be at least 1.5%, if not 2%.
 
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I really liked my Apple Card, but it can't be transferred, so I was forced to close mine when I migrated to a new Apple account. Planned to reapply after the new bank partnership took place, but now get 3% back on groceries/dining from Capital One (pretty much all I use a card for), so I'm set for now.
 
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