Large sign-up bonuses that are typical of the credit card business have mostly been shunned by Apple as earlier Apple Card marketing emphasised the titanium physical card, wallet connectivity, daily cash rewards, privacy features, and spending transparency.
On May 15, Mark Gurman of Bloomberg stated that Apple intends to start a promotion in stores the week of May 18. The alleged offer would give customers who apply for a new Apple Card and purchase AirPods Pro 3 $249 in cash back, which would essentially cover the entire retail price of the earbuds.
Apple and JPMorgan Chase have not publicly announced the promotion. But the so-called deal would be one of the largest public incentives to sign up for an Apple Card since the credit card debuted in 2019.
New cardholders have gotten referral bonuses, but these are typically in the $75-$200 range with a number of restrictions. The new offer is more aggressive and might signal a change of approach.
Apple Card is about to enter a new era with Chase.
In January 2026, Apple announced that JPMorgan Chase would take over the Apple Card portfolio for the next 24 months. Following years of losses and operational problems associated with the card business, Goldman Sachs was increasingly struggling to sustain the partnership. When the delinquency rates outpaced expectations, transition-related reports said Goldman sold some $20 billion in Apple Card balances at a steep discount.
When Apple Card launched, analysts estimated Goldman Sachs paid about $350 for each new customer. The AirPods Pro 3 promotion would still be a significant acquisition cost, although smaller than the numbers associated with the first launch time. Apple may not be paying the full retail price of $249 internally.
At the same time, a banking partner such as Chase could also pay a part of the cost of the promotion in exchange for acquiring loyal Apple Card customers. Credit card companies often pay out hundreds of dollars up front to bring in new customers.
Banks can justify the expense when interchange fees, interest charges, subscriptions and long-term retention generate higher revenue over a number of years. Additionally, the reported promotion would give Apple’s retail locations more responsibilities than just selling gear and providing technical assistance.
For services like AppleCare, iCloud+, Apple One, and device finance, Apple Stores already serve as onboarding hubs. A large-scale hardware-based Apple Card signup campaign could make the stores even more customer acquisition outlets. And it fits into Apple’s wider business plan.
Apple has been relying on revenue from recurring services and ecosystem retention to maintain long-term growth in a slowdown in global smartphone expansion. Apple now leans heavily on products like Apple Card, Apple Pay, high-yield savings accounts and installment finance for its services growth plan. If the rumour proves true, the company is likely to employ more aggressive customer acquisition promotions in the future.
