Apple Card crosses the 12 million user threshold, gives over $1 billion in cashback in 2023،
It's not common for Apple to release user data or product performance, but the tech giant broke with tradition by recently sharing active user numbers for its Apple Card. Press release.
Apple has revealed that the US-exclusive Apple Card now has more than 12 million customers. Of these, 30% are actively engaged and make two or more monthly payments with the card.
Apple Card Family is also very popular, with over a million users sharing the card through Family Sharing. And among them, 600,000 have set up as co-owners, thus creating credit together.
Since its debut in 2019, Apple Card, in partnership with Goldman Sachs, has offered users a simple credit card experience with no hidden fees and complemented by the rewarding Daily Cash cashback system. In the last year alone, customers have collectively earned a remarkable amount, surpassing $1 billion in daily cash rewards.
Jennifer Bailey, vice president of Apple Pay and Apple Wallet, expressed her satisfaction by saying:
We designed Apple Card with users' financial health in mind, and it's rewarding to see our more than 12 million customers use its features to make healthier financial decisions.
Bill Johnson, Goldman Sachs CEO, Enterprise Partnerships in Platform Solutions, added:
We are committed to continuing to provide a great experience for Apple Card customers.
This commitment from Goldman Sachs contradicts recent rumors suggesting that the partnership between Apple and the bank may be coming to an end and that there may already be another partner in play. For now, it seems that such a change of direction partnership is not the case.
In an effort to attract even more users to its Apple Card project, Apple recently increased the interest rate on savings accounts. Apple Card users have received notifications that their funds in the savings account will now earn interest at the rate of 4.5%. This is notably the second increase in the same month.
