What to Expect From the Apple Card This Year

[MacRumors]

2026 could finally be the year that the Apple Card receives a new financial partner, and this could lead to some changes for cardholders.

As a refresher, the Apple Card launched in 2019, and it remains available in the U.S. only. The 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.

In July, The Wall Street Journal reported that Chase Bank parent company JPMorgan was in "advanced talks" with Apple about replacing Goldman Sachs as the Apple Card's partner bank. Goldman Sachs has been gradually winding down its consumer lending business, following billions of dollars in losses, and Apple is reportedly willing to let them out of a contract that is otherwise supposed to run until 2030.

Barclays and Synchrony were also reportedly in talks to become the Apple Card's new financial partner, but it is unclear if those companies are still in the running. As for the Apple Card's payment network, it had been reported that Visa and American Express had expressed interest in taking over for Mastercard.

If the Apple Card does get a new financial partner, there could be updates to the card's features, policies, interest rates, customer service processes, and more.

Chase Bank does not currently offer a high-yield savings account, so it is unclear what would happen to the Apple Card's savings account if they take over the credit card. Apple Card holders are currently being offered a 3.65% APY.

You can apply for an Apple Card on Apple's website.

Article Link: What to Expect From the Apple Card This Year

 

[rappr]

What to expect: 🤷‍♂️

 

[dontwalkhand]

What would also be a killer feature if Chase takes it over is if they can integrate the debit cards better too, similar to what the UK has with Connected Cards. Not having to use the Chase app and just using the Wallet app for literally everything would be quite cool.

 

[SoApple]

Any chance it comes to canada?

 

[1984 Mac Guru]

It’s amazing the  savings account pays more than my premium Empower savings rate that hiked to it’s highest with a direct deposit each month. My advisor was also shocked.

 

[Dmoney77]

Any chance it comes to canada?

It’s possible but I doubt it tbh. We still haven’t got clearance for Apple Cash yet and it’s been some years now.

 

[alphaswift]

Any chance it comes to canada?

Asking the real question. I've been patiently waiting for this card in Canada for more than 6 years.

 

[thelion7]

They need to bring it to the uk.

 

[mikebenton]

Another advantage is allowing authorized users to have visibility into their spending. This has been great as I help my daughter to build her credit. Other cards allow authorized users, but they don't provide a way for them to track their activity (unless you give them access to the entire account). Having the billing cycle go from the 1st to the last day of the month has also been nice. I hope these benefits stay.

 

[sw1tcher]

Any chance it comes to canada?

Asking the real question. I've been patiently waiting for this card in Canada for more than 6 years.

JPMorgan Chase doesn't have any retail (consumer) banking operations in Canada. Their business there is focused on commercial and investment banking, and asset management.

They exited the Canadian consumer credit card business in 2018.

Knowing this, what do you think the odds are that Canadians will get the consumer-focused Apple Card and/or Apple Savings if they take them over from Goldman Sachs?

 

[gtmead09]

With the change the card itself needs a revamp of the perks. The savings account is fine, but the card is on the lower end.

 

[Apple MessagePad]

There's a good chance this thing is dead. No other backer is going to want to take on a card that's currently losing them over $1 billion a year. For any other company to even consider it, Apple will have to take a smaller cut, they'll have to lower cash back, and most importantly, cancel anyone with a credit score under 700. Most of the loss is coming from low score folks who are defaulting at far higher than the standard industry rate. That's where they need to stop the most bleeding.

 

[KaliYoni]

If Chase does take over the Apple Card, it will be interesting to see if Chase (parent company JPMorgan Chase) generates the same vitriol as Marcus (parent company Goldman Sachs) did from people who are uninformed about the financial services industry. JPMorgan Chase, while similar to Goldman Sachs in many ways, has been less of a target for attacks by activists and activist journalists.

 

[britboyj]

There's a good chance this thing is dead. No other backer is going to want to take on a card that's currently losing them over $1 billion a year. For any other company to even consider it, Apple will have to take a smaller cut, they'll have to lower cash back, and most importantly, cancel anyone with a credit score under 700. Most of the loss is coming from low score folks who are defaulting at far higher than the standard industry rate. That's where they need to stop the most bleeding.

Yep. I fully expect the HYSEs to be closed and the cash back be limited to App Store and Apple Store purchases only, not every single purchase with the card.

A lot of the technical stuff like the physical card being able to rotate number and CID in the wallet app has been very handy in the US since I can hand a restaurant the card and guarantee the number is safe in a way other cards cannot.

 

[britboyj]

If Chase does take over the Apple Card, it will be interesting to see if Chase (parent company JPMorgan Chase) generates the same vitriol as Marcus (parent company Goldman Sachs) did from people who are uninformed about the financial services industry.

Chase is already pretty poorly regarded as far as major banks go by the public. Thank their CEO.

 

[TFrank2]

With the change the card itself needs a revamp of the perks. The savings account is fine, but the card is on the lower end.

This is primarily why I stopped using mine and have favored one of the Chase travel cards instead. Apple has certainly improved some of the functionality and features (expanded family access, savings) but the perks are still limited for sure

 

[Will Co]

They need to bring it to the uk.

I don't believe Goldman Sachs has any retail operation in the UK, and perhaps that's why the card never came here?

Maybe if JPMorgan Chase takes over, with Chase definitely having a UK retail operation, we might get the card?

Pure speculation of course. There could be any number of reasons why we'll never get it.

 

[WarmWinterHat]

It’s amazing the  savings account pays more than my premium Empower savings rate that hiked to it’s highest with a direct deposit each month. My advisor was also shocked.

The savings account does pay well and I have a decent chunk in there, but the card I barely use..Just for Apple stuff and the App Store, for everything else the rewards are puny.

I doubt that rate will hold with whoever takes over, especially if it's Chase. Not sure why they refuse to offer a HYSA, when nearly every other bank does.

 

[silverboy31]

availability in Canada would be nice !

 

[Biro]

Chase is already pretty poorly regarded as far as major banks go by the public. Thank their CEO.

As far as interest rates on consumer checking and savings accounts (and nit-picky junk fees), yes. But Chase runs its credit card division pretty well.

 

[orangeadrenaline]

Kroger credit card currently offers 5% cash back on ALL Apple Pay purchases up to $3,000 a year. Couple that with a flat 2% card like Fidelity’s and you are set.

 

[goonie4life9]

Whatever happens, you can be sure that any changes will take the best-in-class Apple Card to a whole new level.

One more thing…. Apple Card now features an ALL NEW, game-changing feature. Apple thinks you’re gonna love it!

 

[VulchR]

It's been years it has been available in the US, but no availability in other countries? Odd for a company that supposedly does all of its research via an organisation in Ireland.

 

[britboyj]

As far as interest rates on consumer checking and savings accounts (and nit-picky junk fees), yes. But Chase runs its credit card division pretty well.

Oh I meant their reputation as a bank overall, though I suppose plenty of people separate JPMC from "Chase Bank" in their heads. Jamie Dimon is probably one of the least popular CEOs in the US, and unlike, say Jane Fraser at Citi, he loves to insert himself into every newsbeat he can get, often saying the wrong thing.

I think the US probably heading to a place where most consumers stick to credit unions for banking, and most of the current major banks are large scale financial services for businesses and such and credit cards only.

 

[Art Mark]

There's a good chance this thing is dead. No other backer is going to want to take on a card that's currently losing them over $1 billion a year. For any other company to even consider it, Apple will have to take a smaller cut, they'll have to lower cash back, and most importantly, cancel anyone with a credit score under 700. Most of the loss is coming from low score folks who are defaulting at far higher than the standard industry rate. That's where they need to stop the most bleeding.

That is not the cards problem, but with how GS thought they would plow into consumer credit. The card is NOT losing them a billion dollars a year. They had horrible due diligence and seemed to know nothing about the consumer credit business. How many credit card companies lose billions? With 24% interest being charged - they are profit centers.