Daily cash is the amount of readily available money a company keeps on hand to cover ordinary day-to-day expenses and short-term obligations, similar to the cash in a household checking account used to pay bills. Investors watch this figure because it shows how easily a business can meet payroll, suppliers, and unexpected costs without borrowing or selling assets, signaling short-term financial health and operational resilience.
variable aprsfinancial
Variable APRs are interest rates on loans or credit that can rise or fall over time because they’re tied to market benchmarks; think of them like a boat’s height that moves with the tide. They matter to investors because changing rates affect borrowers’ costs, a lender’s interest income and default risk, and a company’s financing expenses, so shifts in variable APRs can change profits, cash flow and credit demand.
aprfinancial
Annual Percentage Rate (APR) is the yearly cost of borrowing money expressed as a percentage, combining interest and most fees into a single rate so borrowers can compare loans like comparing price tags. For investors, APR matters because it affects how much companies pay to raise capital, influences consumer demand for credit, and helps compare returns or costs across loans, bonds, and financial products — all of which can change profits and valuations.
fdicregulatory
The Federal Deposit Insurance Corporation (FDIC) is a U.S. government agency that protects individual and business bank deposits by insuring accounts up to a set limit, acting like a safety net for savers if a bank fails. It matters to investors because FDIC insurance reduces the chance of sudden losses for depositors, supports confidence in the banking system, and can influence the perceived risk and stock value of banks and financial firms.
member fdicregulatory
A “Member FDIC” is a bank or savings institution that participates in the U.S. federal deposit insurance program, meaning customer deposits up to the insured limit are protected if the bank fails. For investors and savers this matters because it lowers the risk of losing cash held at that institution and signals that the bank is subject to federal oversight and safety rules—think of it like a backup guarantee on money kept in an account.
provision for credit lossesfinancial
Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.
forward purchase commitmentfinancial
A forward purchase commitment is a binding agreement in which a buyer promises to purchase a specified amount of a company's product, asset or securities at a future date and at predetermined terms. For investors it matters because it locks in future revenue or supply, reducing uncertainty about a company’s cash flow or share count; think of it like pre-ordering bulk inventory that guarantees sales or stock availability down the road.
co-brand credit card programfinancial
A co-brand credit card program is a partnership where a bank issues a credit card that carries another brand’s name and perks, combining the bank’s payment network with the partner’s customer base and rewards. For investors it matters because the program can drive steady fee and interest income, deepen customer loyalty, and create valuable data and cross-selling opportunities, but it also exposes partners to credit losses and marketing costs—like sharing a storefront to reach new shoppers while splitting both sales and risks.
WILMINGTON, Del.--(BUSINESS WIRE)--
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.
“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 is an iconic brand recognized globally for its innovation, design excellence, and commitment to delivering exceptional customer experiences,” said Allison Beer, Chase’s chief executive officer of Card & Connected Commerce. “We share a commitment to supporting consumer financial health, and we’re proud to deepen our relationship by welcoming them as the newest partner in our industry-leading co-brand credit card program. We’re excited to innovate together in the future.”
“We’re thrilled to work with Apple and Chase to continue our longstanding partnership on Apple Card. The innovation on Apple Card has taken the consumer payments experience to the next level, and we look forward to delivering simple, secure, and seamless payments at global scale,” said Linda Kirkpatrick, Mastercard’s president of the Americas.
Introduced in 2019, Apple Card is designed with users’ financial health in mind, and has become a top choice among consumers for its innovative features, seamless user experience, and commitment to customer privacy and security. With absolutely no fees,3 Apple Card makes it easy to track purchases and manage spending from Apple Wallet, while offering up to 3 percent Daily Cash back on every purchase, which users can choose to have automatically deposited onto their Apple Cash card in Wallet and can be used for in-store, online and in-app purchases with Apple Pay.4
With Apple Card Family, users can also share an Apple Card account with anyone added to their Family Sharing group. Another benefit is Apple Card Monthly Installments (ACMI), which allows users to pay for new Apple products over time, interest-free, when they choose to check out with ACMI at Apple.5 Additionally, users can open a Savings account through Apple Card, and once it is set up, will have all their future Daily Cash automatically deposited there, providing users with even more options.
During this transition, Apple Card users can continue to use their card as they normally do. More information, including FAQs, is available at learn.applecard.apple/transition. Additional details will be shared with users as the transition date approaches.
Under the terms of the agreement, the purchase of the portfolio is estimated to bring over $20 billion of card balances to the Chase platform6. Although close is not anticipated for approximately 24 months, and is subject to regulatory approvals, JPMorganChase expects to recognize a $2.2 billion provision for credit losses in 4Q25 related to the forward purchase commitment.
1.
Apple Card Family Participants and Co-Owners do not need to have a familial relationship but must be part of the same Apple Family Sharing group.
2.
To access Savings, Apple Card owners and co-owners must open a Savings account. Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC. Savings is available to Apple Card owners and co-owners, subject to eligibility requirements. For additional information about Daily Cash, including elections on accounts it can be sent to, please see the Apple Card Customer Agreement.
3.
Variable APRs for Apple Card range from 17.49 percent to 27.74 percent based on creditworthiness. Rates as of January 1, 2026. Existing customers can view their variable APR in the Wallet app or card.apple.com.
4.
An Apple Cash Account is required. Apple Cash services are provided by Green Dot Bank, Member FDIC. Apple Payments Services LLC, a subsidiary of Apple Inc., is a service provider of Green Dot Bank for Apple Cash accounts. Neither Apple Inc. nor Apple Payments Services LLC is a bank. Learn more about the Terms and Conditions. Only available in the U.S. on eligible devices.
5.
Apple Card Monthly Installments (ACMI) is a 0 percent APR payment option that is only available if users select it at checkout in the U.S. for eligible products purchased at Apple and is subject to credit approval and credit limit. See support.apple.com/en-us/102730 for more information about eligible products. Additional limits and restrictions apply. See the Apple Card Customer Agreement for more information about ACMI.
6.
J.P. Morgan Securities LLC is serving as financial advisor to Chase on the transition of the estimated over $20 billion credit card portfolio.
Apple Card is subject to credit approval, available only for qualifying applicants in the United States, and issued by Goldman Sachs Bank USA, Salt Lake City Branch.
Apple Payments Services LLC, a subsidiary of Apple Inc., is a service provider of Goldman Sachs Bank USA for Apple Card and Savings accounts. Neither Apple Inc. nor Apple Payments Services LLC is a bank.
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States of America with assets of $4.6 trillion, $360 billion in stockholders’ equity as of September 30, 2025, and operations worldwide. Chase serves more than 85 million consumers and 7 million small businesses with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: more than 5,000 branches in 48 states and the District of Columbia, nearly 15,000 ATMs, mobile, online and by phone. For more information, go to chase.com.
