Details
Written by: RJ
Chase and Goldman Sachs have reached a deal for the Apple Card. Chase will become the new home and inherit the ~$20B in outstanding balances at over a $1B discount.
In addition to the card, Chase will also launch an Apple branded savings account product. Existing Apple savings customers will be able to choose to remain with Goldman or move to Chase.
Today, Apple and Chase announced that Chase will become the new issuer of Apple Card, with an expected transition in approximately 24 months.Apple Card users can continue to enjoy the award-winning experience of Apple Card, which includes up to 3 percent unlimited Daily Cash back on every purchase, easy-to-navigate spending tools, Apple Card Family,1 access to a high-yield Savings account,2 and more. Mastercard will remain the payment network for Apple Card, and Apple Card users can continue to access Mastercard’s global acceptance and benefits.
Thoughts
Interesting to see the inclusion of a savings product. Big banks typically can’t stomach paying reasonable APYs. That said, I’m excited to see if any changes come to the card product.
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