The Apple Card offers 3% cash back on Apple purchases and Apple Pay purchases at select merchants, 2% cash back in general when you use Apple Pay with your Apple Card, and 1% on all other eligible purchases.

JPMorgan Chase has reached a deal to take over the Apple credit card from Goldman Sachs, the two banks said late Wednesday.

JPMorgan Chase will take the reins as the new issuer of the Apple Card, according to a press release from the companies. JPMorgan is taking over the portfolio from Goldman Sachs following negotiating sessions between the involved parties that took place over the course of a year.

If you're worried about increasing your balances due to an unrequested credit limit increase, you can call your issuer and request that it revert your limit back to the previous amount. You can also get ahead of these automatic credit limit increases and request your issuer not do so without your consent first.

Apple announced Wednesday that JPMorgan Chase is the new issuer of the Apple Card, replacing Goldman Sachs. Apple said the transition will likely take up to 24 months.

JPMorgan Chase partners with Apple for Apple Card as the firm expands its digital footprint and US$20bn credit portfolio

Apple said the transition process could take up to 24 months, News.Az reports, citing foreign media. Despite the change in banking partner, the

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.

Several travel bloggers and points experts are reporting that Bilt will be launching a new 2.0 card line at annual fees of $0, $95, and $495. This information has not yet been verified.

The largest U.S. bank will assume a $20 billion portfolio of Apple customers as Goldman Sachs extricates itself from consumer lending.