Apple Card Turns Seven With Big Change Ahead‎

Today marks the seventh anniversary of the Apple Card becoming widely available in the U.S., following a more limited preview period. 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.Tag: Apple CardThis article, "Apple Card Turns Seven With Big Change Ahead" first appeared on MacRumors.comDiscuss this article in our forums