After a tumultuous relationship with Goldman Sachs, Apple reached a deal with JPMorgan Chase to take over Apple Card.
I have a lot of questions about what this means for Apple Card. I’ve laid some of them out below so we can speculate together…
What changes?
Apple Card could undergo major changes as part of its switch to Chase. After all, Goldman Sachs lost billions of dollars operating the card. The WSJ previously reported that Apple could have to change “key components” of the Apple Card to lure a new partner.
Apple Card has no fees other than interest. It gives you 3% cash back on Apple purchases and 2% cash back on all Apple Pay purchases. You also get interest-free financing on all purchases from Apple. For a no-fee card, this is a solid set of benefits.
Will Chase nerf Apple Card? There’s a real chance the current version just isn’t financially viable. Chase, of course, is much better at running a credit card business than Goldman Sachs, so maybe that will help.
Apple published a frequently-asked-questions page on its website detailing the Apple Card transition to Chase.
The page says that “users will continue to earn up to 3 percent unlimited Daily Cash back on every purchase” and “users can continue to purchase Apple products with Apple Card Monthly Installments.”
However, this information applies “during the transition period” and Apple says “additional details” will be shared in the future. Does that mean those terms and benefits could change?
Cash back or points?
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