JPMorgan Chase has reached a deal to take over operation of the Apple Card, reports The Wall Street Journal. Barring any "last minute hiccups," the deal should be announced shortly after over a year of negotiations.


Reports began circulating over two years ago that current Apple Card issuer Goldman Sachs was looking to end its partnership with Apple as part of an effort to scale back on consumer banking products amid steep losses.

According to The Wall Street Journal, Goldman Sachs is unloading its roughly $20 billion of outstanding Apple Card balances at a discount of more than $1 billion, a rare move for co-branded account deals like this. But higher-than-average delinquency rates and high exposure to subprime borrowers made it more difficult for Goldman Sachs to find a buyer.

JPMorgan Chase's interest in taking over as Apple Card issuer was reported over a year ago, and by this past summer Chase appeared to be the front-runner.

Alongside its new Apple Card partnership, JPMorgan Chase will reportedly launch a new Apple savings account, but existing users with Apple savings accounts at Goldman Sachs will not be automatically transitioned and will need to decide whether they want to stay at Goldman Sachs or open new accounts with Chase.

Update 2:27 pm: Apple has officially announced the change to Chase, with the transition expected to occur in approximately 24 months. Apple Card will remain on the Mastercard network following the shift.

"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. We look forward to working together to continue to provide a best-in-class experience and exceptional customer service with Apple Card."

Apple has also posted an FAQ about the transition.
This article, "Apple Card Will Move From Goldman Sachs to JPMorgan Chase" first appeared on MacRumors.com

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Apple Card users can get extra Daily Cash back when shopping at Ace Hardware this holiday season. Apple and Ace are offering five percent Daily Cash back on up to $500 in Apple Pay purchases, for a total of $25.


Ace Hardware is an ‌Apple Card‌ partner that normally provides three percent Daily Cash back on ‌Apple Pay‌ purchases made with the ‌Apple Card‌, but the promotion offers an additional two percent. The deal will be in place through December 15.

Getting the cash back reward requires Ace customers to use ‌Apple Pay‌ with the ‌Apple Card‌ either online, in the Ace Hardware app, or in retail store locations.

Apple is also currently offering five percent Daily Cash back for up to $500 in purchases made at Booking.com.

Apple partners with multiple retailers to offer three percent Daily Cash back on ‌‌‌‌Apple Pay‌‌‌‌ purchases made with ‌‌‌‌Apple Card‌‌‌‌, including Ace Hardware. Three percent cash back can also be earned from Nike, Uber Eats, Uber, Hertz, Walgreens, Exxon Mobil, and Apple's own retail stores.
This article, "Apple Card Promo Offers 5% Cash Back at Ace Hardware" first appeared on MacRumors.com

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Now through September 30, get 5% Daily Cash when you use the Apple Card via Apple Pay for purchases across the Uber and Uber Eats apps and websites.


5% Daily Cash is limited to $500 in combined Uber and Uber Eats purchases, meaning that the maximum cash back that you can receive from this offer is $25.

Ordinarily, the Apple Card offers 3% Daily Cash for Uber and Uber Eats purchases.

In addition, Apple Card users can continue to receive a six-month free trial of Uber One, by signing up with this link using the Apple Card via Apple Pay. Uber One provides savings and other benefits for both Uber rides and Uber Eats deliveries.

Apple's credit card is available in the U.S. only.
This article, "Apple Card Offering New Uber and Uber Eats Bonus" first appeared on MacRumors.com

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