Apple has confirmed that Chase will take over issuing Apple Card over the next 24 months, but Apple Card service will not be interrupted, and Mastercard will continue to be the payment network.

Earlier Wednesday, a report suggested that a deal was closing with JPMorgan Chase to become the new issuer of Apple Card. That report is now a reality as Apple has confirmed the move publicly.

Apple shared a FAQ website to help answer questions about the transition. Apple Card holders will continue to have access to their card and Apple Savings in the meantime.

Card balances will ultimately transfer to Chase. Apple doesn't have any additional details on how the Apple Savings transition will work, but the previous report suggested customers would have the option of staying with Goldman Sachs or moving to a Chase-based account.

"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."

At the least, for now, Apple says that Apple Card will continue to have zero fees. Mastercard remains as the payment network.

A transition that was a long time coming

Goldman Sachs partnered with Apple in 2019 to launch the Apple Card, but regretted the move. The company lost money immediately on Apple Card and began to exit the consumer credit card business completely.

What started as a successful credit card partnership ended up in an unhappy marriage between the collaborators, with Goldman Sachs seeking to exit in 2023.

The transition to a new issuer was said to be expected to take around 12 to 15 months, but it's been over 26 months since that announcement. JPMorgan Chase has allegedly been in talks with Apple for over a year at this point, and it'll take another 24 months to finish the transition.

"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."

Chase could be a beneficial partner for Apple Card, as it specializes in many kinds of consumer-focused cards with rewards and travel points. The troubles with Goldman Sachs seems to have kept Apple Card's rewards programs in a stasis since its launch, with the rare partnership or deal.

At the least, the Apple Card will continue to work as is, and customers should expect little to no change in how the card works, its cash back, Apple Savings, or anything else in the short term.