apple revealed today that users earned more than $1 billion in daily cash from spending on Apple Card last year. The tech giant also announced that Apple Card has surpassed 12 million users. The Apple Card, which was first launched in 2019, is exclusively available in the United States.
The company also revealed that nearly 30% of Apple Card customers make two or more payments per month. In addition, more than 1 million users share the card through Family Sharing, and nearly 600,000 users earn credit equally with their spouses, partners or another adult.
“We designed Apple Card with users’ financial health in mind, and it’s rewarding to see more than 12 million of our customers use its features to make healthier financial decisions,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet. “We’re proud of what we’ve been able to offer Apple Card customers in just five years. As we look to the year ahead, we’re excited to continue to innovate and invest in the award-winning Apple Card experience and provide users with more tools and features that help them live healthier financial lives.”
Last April, Apple launched the Apple Card high-yield savings account offered by Goldman Sachs, and it reached $10 billion in deposits a few months later. Apple says the vast majority of users automatically deposit their Daily Cash into savings, and nearly two-thirds of users have deposited additional funds from a connected bank. Today, the savings offer a high-yielding APY (annual percentage return) of 4.5%. The savings account offered an APY of 4.15% at launch.
Apple also revealed that more than 200,000 users have been approved for an Apple Card after signing up for Path to Apple Card program, which provides customized steps to help you get approved for Apple Card in the future after your initial application is rejected.
