"The Apple Card, known for its intuitive features and other perks for consumers, will now be issued by JPMorgan Chase, but Apple says nothing will change for users. The handover to JPMorgan brings together companies that play an increasingly large role in the way people pay for everything from utility bills to socks using phones, tablets or watches. Apple said the 3% cash back on purchases and high-yield savings account affiliated with the card will continue."
"The Apple Card is different from a traditional credit card, with no number on the front and the users' name etched in metal. It was viewed as a way to expand the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. The shift solidifies JPMorgan's dominance in the credit card sector."
Apple Card issuance will transfer from Goldman Sachs to JPMorgan Chase, with Apple saying user features and benefits will remain unchanged. The 3% cash back and affiliated high-yield savings will continue. Goldman Sachs has overseen the card since 2019 and has sought to exit consumer products. The card pairs a metal physical card without visible numbers with a virtual Apple Pay integration. Mastercard will remain the payment network. JPMorgan expects to bring over $20 billion in card balances to its platform. Deal closure is expected in about two years. Goldman anticipates a 46-cent-per-share 2025 fourth-quarter benefit from released loan-loss reserves, partly offset by revenue markdowns.
Read at www.mercurynews.com
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