Apple Says its Apple Card Crossed 12 Million Users in the US

Apple announced today that its Apple Card has reached a new milestone with more than 12 million users in the US. Last year, users also earned more than $1 billion in Daily Cash rewards by just making purchases with their Apple Card.

As of today, Apple Card users can earn up to 3% Daily Cash back on all purchases, and this money can be automatically deposited into a Savings account with an APY of 4.50%. Apple teamed up with Goldman Sachs to launch this high-yield Savings account back in April 2023, and the company said today that it crossed over $10 billion in deposits in “just a few short months.”

“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.”

The Apple Card is built into the Wallet app on iPhones, which offers spending tools to help users keep track of their expenses. Apple’s press release also includes other interesting facts about the Apple Card:

• Apple says that the “vast majority” of users auto-deposit their Daily Cash into Savings, and “nearly two-thirds” of Apple Card users have also deposited additional funds from a linked bank account in the high-yield Savings account.
• More than 1 million Apple Card users share it with their Family Sharing Group through Apple Card Family, and nearly 600,000 users have added their spouses, partners, or other trusted adults to their Apple Card.
• More than 200,000 users also obtained an Apple Card after enrolling in the Path to Apple Card program, which provides personalized steps to improve their access to credit.

While it’s now been five years since the Apple Card was introduced in the US, it’s still not clear if Apple is planning to expand it to other markets any time soon. Back in November, a report from the Wall Street Journal also claimed that Apple was planning to end its Apple Card partnership with Goldman Sachs within the next 12 to 15 months. However, Apple’s press release today included a positive statement from its banking partner.

“Since the launch of Apple Card, the customer response has been excellent, and we are pleased that we continue to see users incorporate the innovative tools and features into their financial lives,” said Bill Johnson, Goldman Sachs’s CEO of Enterprise Partnerships in Platform Solutions. “We are committed to continuing to deliver an excellent experience for Apple Card customers.”