Chase to become new issuer of Apple Card

Why the switch from Goldman Sachs to Chase?

• Many assume Goldman wanted out: they were inexperienced in consumer credit, reportedly lost a lot of money on Apple Card, and are exiting consumer banking more broadly.
• Commenters think Apple had strong leverage at launch (new product, unproven customer base) and extracted unusually bank‑unfriendly terms (no fees, subprime lending, privacy promises).
• With a now-proven $20B portfolio, Chase can price risk more realistically; several expect less generous terms for users than under Goldman.

Negotiation power, risk, and subprime exposure

• A recurring theme is that Apple Card was unusually friendly to sub‑660 credit scores while still offering rewards and no fees — viewed as “guaranteed to lose money” for the issuer.
• Some speculate Chase will tighten underwriting (higher minimum scores) and reintroduce standard fees (late, over‑limit, returned payment).
• One commenter calls the $2.2B in credit losses on a $20B portfolio “toxic waste”; others ask for more detail, suggesting the true risk profile is unclear.

Rewards, fees, and “free money”

• For US prime borrowers, Apple Card’s 2% (with Apple Pay) / 3% at Apple and select merchants is seen as merely average; many list cards that do 2–3%+ on everything or 5–6% in categories.
• For subprime users, Apple Card is described as one of the best available products, especially with no late fees.
• Several stress that “cashback” largely comes from interest paid by revolvers and from interchange that raises retail prices, calling it a regressive transfer from poorer to richer customers. Others dispute that interest, rather than interchange, is the primary funding source.

Privacy and data use

• A highly valued feature: claims that Apple Card is the only major US card that does not resell granular transaction data to brokers.
• Multiple people say they’ll stop using it if Chase changes this. However, whether merchants/acquirers can still reconstruct similar data is noted as an open question.

UX, technical design, and statement handling

• Positive experiences: fast transaction posting and a very polished Wallet UI; works well with daily budgeting workflows.
• Apple’s insistence that all statements close on the same day is criticized as operationally odd (clustered support load, liquidity swings) but also described as technically manageable.
• The single‑interface model is a drawback: full management is essentially iPhone‑only; web access is partial and there’s no iPad/Mac parity.

Physical card and Apple‑ecosystem lock‑in

• Titanium card is viewed mostly as a gimmick and backup: only 1% cashback, no printed number, and no contactless, which some call “hilarious” in 2025.
• Others argue this nudges people toward more secure mobile payments, though some prefer contactless plastic for safety and convenience in crowded or low‑trust environments.
• Requirements for an iPhone and Apple Pay support make the product unattractive or unusable for those outside the Apple ecosystem.

International and regulatory context

• Outside the US, some readers see Apple Card as extremely generous. EU/UK commenters point out interchange caps and weaker cashback norms; such a product might not be profitable there.
• UK-specific speculation: Apple may have held back rollout due to lower interchange, EU regulatory friction, or tepid bank interest; Chase’s existing UK footprint could help an eventual launch, but this is speculative within the thread.

Issuer behavior, customer service, and trust

• Experiences with Goldman are mixed: some praise strong support and successful charge reversals; others recount severe account‑locking incidents tied to disputed Apple‑billed charges that cascaded into Apple ID and family‑subscription lockouts, with opaque decisions and forced repayment on a closed account.
• Chase inspires little confidence either: multiple anecdotes of aggressive anti‑fraud systems suddenly closing all accounts (including checking) over travel or “wrong” usage, then slow or hostile processes for returning funds.
• Some users would have preferred AmEx as a partner; others are simply wary of putting their Apple ecosystem any closer to a large bank’s risk systems.