Yes, Apple’s (AAPL) – Get Free Report in the hardware, software, and services game, but its also been in the financial space since 2019 with the launch of the Apple Card. Since then, Apple has rolled out new features and continued to beat the drum of encouraging a healthy approach to credit and savings.
Apple has shared that the card has over 12 million active cardholders, up from the over six million number shared in 2022. It’s a larger user base and one that is actively using other features, like the Apple Card Savings Account that debuted in 2023.
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The card offers several incentives centered around using Apple Pay—2% back on any Apple Pay transaction and 3% back on purchases at Apple. These are called “Daily Cash” benefits as you get it back nearly immediately, and in 2023, there was over a billion given back to cardholders.
Card management from iPhone.
Apple
With the launch of the Apple Card Savings Account in 2023, cardholders can move that cash back right into a high-yield savings account—any Apple Cardholder can open one. It launched at 4.15 APY and has since been upgraded twice, now offering a 4.5% interest rate. Beyond that auto deposit from Daily Cash, users can also deposit from an outside account, which the company says nearly two-thirds of users have taken advantage of.
This update on how folks are using the Apple Card comes at the start of a new year, ahead of tax season, and off the heels of some reporting by the Wall Street Journal that Apple and Goldman Sachs might be exiting the partnership. Still, both brands are taking a steadfast approach to the future.
In the press release, Apple’s VP of Wallet and Pay said, “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,” hinting at future updates and potentially new features to expand what the Apple Card and savings account can offer for members.
Goldman Sachs’s CEO of Enterprise Partnerships in Platform Solutions, Bill Johnson stated, ‘We are committed to continuing to deliver an excellent experience for Apple Card customers” — hinting that there are no plans for an exit out of the deal.
Alongside 12 million cardholders, Apple also shared a few other key stats, including the Path to Apple Card feature, which provides tips and marks to build credit and has helped over 200,000 users get approved through the program. Additionally, more than 600,000 people are using the Family Sharing function of the Apple Card, which lets you add users and build credit for them all.
Considering the most recent raise to the Savings Account interest rate hit just days ago, it might be the start of a bigger year for improvements. Maybe a new color option for the physical titanium card will be rolled out to match the “Space Black” MacBook Pro lineup.
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Apple’s website page for the Apple card.
