Chase Takes Over Apple's Credit Card Issuance
Apple has announced that JPMorgan Chase will become the new issuer of Apple Card, replacing Goldman Sachs. This move comes as Goldman Sachs continues to exit consumer lending. The change is expected to take place in the coming months, with Chase taking over the credit card's issuance and management.
The decision to switch to Chase was likely influenced by Goldman Sachs' decision to exit consumer lending. Apple Card was launched in 2019 with Goldman Sachs as the issuer, but the bank has been gradually distancing itself from consumer lending in recent years.
Chase, on the other hand, has a long history of issuing credit cards and has a strong reputation in the industry. The company has a large network of branches and ATMs, making it easier for Apple Card users to access their accounts and make payments.
The switch to Chase is expected to bring several benefits to Apple Card users, including improved customer service and more competitive interest rates. However, it's unclear what impact this change will have on the overall Apple Card experience.
The news was announced on Wednesday evening, with Apple stating that the change is expected to take place in the coming months. Goldman Sachs will continue to service existing Apple Card accounts until the transition is complete.