For years, the Apple Card story has felt like one long game of “who’s next?”
Now we finally have the answer: Apple has confirmed that Chase will become the new issuer of Apple Card.
Apple says the transition will take around 24 months. That’s long enough for the card to stay “the same” on the surface… while the important stuff quietly shifts underneath.
And that’s the real story here. Apple Card may feel like an Apple product, but it’s still a credit card portfolio — a reported ~$20 billion one — and those don’t get handed off without the new bank caring a lot about credit quality and profitability.
So instead of rehashing the basics you’ll see everywhere else, here’s the better question: what does an Apple Card look like once it’s running on Chase’s underwriting and economics?
I’ve covered this saga before, including when the Goldman breakup became public and when Chase started looking like the most realistic landing spot:
- Apple terminates partnership with Goldman Sachs for Apple Card and Savings business
- The future of the Apple Card: could Chase be its next home?
What Apple is promising
Apple’s message is basically: don’t panic.
The issuer is changing, but Apple says the transition will take around 24 months, there’s nothing you need to do, and you’ll keep managing your account through the same places (Wallet and card.apple.com). They’re also emphasizing that Apple Card will continue to have no fees (including no foreign transaction fees).
Apple also confirmed that Mastercard will remain the payment network. This is an issuer change — not a “your card is becoming Visa now” change.
What Apple didn’t say (and why that matters more)
Press releases are great at describing the experience. They’re less interested in describing the economics — and with Apple Card, the economics explain why this story dragged on for so long.
Here’s what we still don’t know:
- Underwriting going forward: Chase can change who gets approved and how generous credit limits are without ever “changing the Apple Card.”
- APR and pricing over time: Apple can quote today’s range, but Chase will price risk for new accounts going forward.
- Customer service + disputes: This is where a bank’s culture and systems show up fast — and where cardholders actually feel the difference.
- Savings details: Apple says Savings access continues, but the long-term structure is still an open question.
In other words: Apple told you what stays the same for now. The unanswered questions are what the next two years are really about.
What the reported deal details imply
The most telling detail isn’t just that Chase agreed to take over — it’s the reporting that the portfolio is coming over at a discount. If that’s accurate, it helps explain why the Apple Card wasn’t easy to unload and why Goldman was motivated to be done with it.
Credit card portfolios don’t usually move at a discount unless the buyer expects meaningful risk or meaningful work to make the numbers behave. Either way, it’s a reminder that Apple Card isn’t just a slick interface — it’s a massive lending book that has to perform like one.
That doesn’t mean Chase is going to “ruin” the Apple Card. It means Chase is going to manage it the way banks manage everything: underwriting, credit lines, pricing, and risk controls — the unsexy stuff that never makes it into Apple’s marketing.
Where this story goes next
At this point, we’re officially in a new chapter of the Apple Card saga — but we’re still early in it. Apple is calling this a roughly 24-month transition, and they’ve made it clear there’s nothing you need to do right now.
If you’re an Apple Card holder and just want the practical details, Apple put together a pretty thorough FAQ for the Apple Card issuer transition.
The short version:
- You can keep using your card as usual during the transition, and Goldman Sachs will continue servicing your account until the switch is complete.
- Apple says Apple Card will continue to have no fees (including no foreign transaction fees), and Mastercard will stay as the network.
- Apple says your credit report should be updated to show Chase as the issuer once the transition occurs.
So for now, the headline is settled. The real questions — underwriting, credit lines, APR strategy, and what happens long-term with Savings — probably won’t get answered until we’re much closer to the actual handoff.
And if the reported deal economics are even close to accurate, those “boring” details are exactly where any meaningful change would show up first.
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