In a recent announcement, Apple revealed staggering figures regarding the usage and benefits of its Apple Card, marking a significant milestone in the financial services sector. Users of the Apple Card collectively earned more than $1 billion in Daily Cash rewards throughout 2023, underscoring the card’s popularity and appeal among consumers.
Rapid Growth in User Base
Since its inception in 2019, the Apple Card has swiftly garnered a substantial user base, surpassing 12 million users. This growth signifies a steady adoption of the card, although it remains exclusively available in the United States.
Responsible Payment Behaviour
Apple disclosed that close to 30% of Apple Card customers make two or more payments per month, indicating a trend of active and responsible card usage. This behaviour reflects a commitment to financial health and prudent financial management among cardholders.
Family Sharing and Joint Credit Building
With over 1 million users utilizing the Family Sharing feature and nearly 600,000 users building credit jointly with their spouses, partners, or another adult, the Apple Card demonstrates its utility in facilitating family financial management and credit building.
| Feature | Number |
|---|---|
| Family Sharing | Over 1 million users |
| Joint Credit Building | Nearly 600,000 users |
Promoting Financial Health
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, emphasized the company’s commitment to promoting users’ financial health. She highlighted the design of the Apple Card with features aimed at enabling healthier financial decisions.
High-Yield Savings Account
Apple’s collaboration with Goldman Sachs introduced a high-yield savings account, which has seen remarkable success. With deposits exceeding $10 billion, users are taking advantage of the opportunity to grow their savings. Notably, the majority of users opt to auto-deposit their Daily Cash rewards into this savings account, indicating a strong interest in saving and investing among Apple Card users.
The high-yield annual percentage yield (APY) for the savings account currently stands at 4.5%, up from 4.15% at launch, offering an attractive option for users looking to maximize their savings.
Path to Apple Card Program
Apple’s Path to Apple Card program has provided assistance to over 200,000 users who were initially rejected for the card. This initiative reflects Apple’s commitment to inclusivity and accessibility in financial services, ensuring that more individuals have access to the benefits of the Apple Card.
Apple’s update on the Apple Card signifies its success in attracting users, promoting responsible financial habits, and providing valuable features such as cashback rewards and high-yield savings options. With continued innovation and investment in the Apple Card’s user experience, Apple aims to empower users to lead healthier financial lives in the years ahead.
This website uses cookies.
