Apple has disclosed that users of the Apple Card accumulated more than $1 billion in Daily Cash from their expenditures on the card in the past year. The technology behemoth also declared that the Apple Card has surpassed 12 million users. Launched in 2019, the Apple Card is exclusively accessible in the United States.
Key Takeaway
Apple Card users have collectively earned an impressive sum of over
billion in Daily Cash from their transactions, underscoring the card’s popularity and utility.
Usage Insights
The company also unveiled that nearly 30% of Apple Card customers make two or more payments per month. Moreover, over 1 million users are utilizing the card through Family Sharing, while close to 600,000 users are jointly building credit with their spouses, partners, or another adult.
Statement from Apple
“We designed Apple Card with users’ financial health in mind, and it’s rewarding to see our more than 12 million customers using its features to make healthier financial decisions,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “We’re proud of what we’ve been able to deliver to Apple Card customers in just five years. As we look at the year ahead and beyond, we’re excited to continue to innovate and invest in Apple Card’s award-winning experience, and provide users with more tools and features that help them lead healthier financial lives.”
Financial Innovations
Last April, Apple introduced Apple Card’s high-yield savings account in partnership with Goldman Sachs, which garnered over $10 billion in deposits within a few months. Apple noted that the majority of users currently auto-deposit their Daily Cash into savings, and nearly two-thirds of users have deposited additional funds from a linked bank. Presently, the savings account offers a high-yield APY (annual percentage yield) of 4.5%, up from the initial APY of 4.15% at launch.
Path to Apple Card Program
Apple also shared that more than 200,000 users have been approved for an Apple Card after enrolling in the Path to Apple Card program. This initiative provides tailored steps to assist individuals in obtaining approval for the Apple Card in the future, especially after their initial application was declined.
