Apple has surprised the public by revealing the number of active users for its Apple Card, a service that is only available in the US. The company announced in a press release that the Apple Card has attracted more than 12 million customers, of whom 30 percent are using the card regularly, making at least two monthly payments.
The Apple Card Family feature, which allows users to share the card with their family members through Family Sharing, has also gained popularity. Over 1 million users have taken advantage of this feature, and 600,000 of them have opted to become co-owners, enabling them to build credit jointly.
The Apple Card, launched in 2019 in collaboration with Goldman Sachs, offers users a simple and transparent credit card experience, with no hidden fees and a generous Daily Cash cashback system. The company reported that customers have earned more than $1 billion in Daily Cash rewards in the past year alone.
Jennifer Bailey, Apple’s Vice President of Apple Pay and Apple Wallet, praised the success of the Apple Card, saying:
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.
Bill Johnson, Goldman Sachs’s CEO of Enterprise Partnerships in Platform Solutions, echoed her sentiment, saying:
We are committed to continuing to deliver an excellent experience for Apple Card customers.
These statements from both partners refute the recent speculation that Apple might be ending its relationship with Goldman Sachs and looking for a new partner. It seems that the partnership is still strong and stable.
Apple has also increased the interest rate for the savings accounts linked to the Apple Card, in an effort to entice more users to join the service. Apple Card users were notified that their savings account funds will now earn interest at a rate of 4.5%. This is the second hike in the same month, indicating Apple’s confidence in its Apple Card project.