Apple has reported a significant customer base for the Apple Card, a credit card service exclusively available in the United States. Since its launch in 2019, there are now over 12 million customers.
One notable feature of the Apple Card is the Daily Cash, which allows users to receive cashback or credit. Apple has credited over $1 billion in cashback in just one year, specifically in 2023.
Another service introduced in 2022 is the high-interest deposit account, which currently holds over $10 billion. The majority of these funds come from automatically transferring Daily Cash into the deposit account.
Other interesting data includes the fact that 30% of customers pay their bills at least twice a month, as opposed to the regular end-of-month payment schedule. Additionally, over a million customers utilize Family Sharing, pooling expenses for everyone in the family. Furthermore, more than 200,000 customers have successfully completed the Path to Apple Card program, which helps individuals improve their personal finances to become eligible for the Apple Card in the future.
Previously, there were reports of Apple negotiating the termination of its partnership with Goldman Sachs, the bank behind the Apple Card, due to the bank’s restructuring efforts and a reduction in services for retail customers.
TLDR: Apple Card has garnered a customer base of over 12 million since its launch in 2019. Notable features include the Daily Cash program, which has provided over $1 billion in cashback by 2023. The introduction of a high-interest deposit account has attracted over $10 billion in deposits, with most funds originating from Daily Cash transfers. Additional data highlights customers’ payment habits, Family Sharing usage, and the success of the Path to Apple Card program. Recent reports suggested potential changes to Apple’s partnership with Goldman Sachs due to the bank’s business restructuring.
Leave a Comment