Apple has announced that Chase will become the new issuer of Apple Card, replacing Goldman Sachs, which is exiting the partnership. Apple said the transition is expected to take about 24 months.
During that time, Apple Card users will be able to continue using their cards as usual. Apple said the card’s main features will remain unchanged, including up to three per cent Daily Cash back, built-in spending tools in Apple Wallet, Apple Card Family, and access to a high-yield savings account. Mastercard will continue to serve as the payment network.
“We’re incredibly proud of how Apple Card has transformed the credit card experience for customers by delivering innovative tools that empower users to make healthier financial decisions,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Chase shares our commitment to innovation and delivering products and services that enhance consumers’ lives.”
Chase said the deal expands its co-branded credit card business and deepens its relationship with Apple. “We share a commitment to supporting consumer financial health, and we’re proud to deepen our relationship by welcoming them as the newest partner in our industry-leading co-brand credit card program,” said Allison Beer, Chase’s chief executive officer of Card & Connected Commerce.
The move marks the end of Apple’s partnership with Goldman Sachs, which helped launch Apple Card in 2019 as part of its push into consumer banking. Goldman has since pulled back from that strategy after facing regulatory scrutiny and mounting losses in its consumer finance division.
JPMorgan Chase previously offered a small number of consumer credit cards in Canada, but it fully exited the market in 2018. Its most notable Canadian cards were the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa, both of which were closed when JPMorgan Chase shut down its Canadian card business. Before that, Chase also had a presence through its acquisition of Sears Canada’s credit card portfolio in the mid-2000s, which focused mainly on store and co-branded cards rather than mainstream travel or rewards cards. Since leaving in 2018, Chase has not offered any new personal credit cards in Canada.
Apple Card remains a U.S.-only product, and Apple made no mention of expanding it to new countries. With the card still unavailable years after launch and now undergoing a major issuer transition, it appears increasingly unlikely that Apple Card will ever come to Canada.
Apple said additional details about the transition will be shared with users as the handover date approaches.
Earlier today, the WSJ reported that sources claimed JPMorgan Chase would take over Apple Card, and that has come true. Rumours dating back to the fall of 2023 said the Apple Card relationship with Goldman was on the rocks, and now it has taken over two years to finally fizzle out.
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As a Rogers costumer, the Rogers Red Mastercard is a way better card anyway. 3% cash back for everything as long as I redeem it on Rogers's bill, 2% if not, and 4,5% for US purchase if redeemed on Rogers bill and 3% if not. No annual fees. So, except the Apple card have a much better integration into iOS, I really don't care of not having one here.