Fintech Nexus Newsletter (January 31, 2024): Apple Releases Usage Details On The Apple Card For The First Time

Republished By Plato

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Yesterday, Apple shared details on Apple Card usage for the first time.

The card was introduced in 2019 and since then it has acquired 12 million users, not a bad effort in less than five years. Users earn Daily Cash rewards when they use the card and Apple reported that the total for 2023 was over $1 billion.

While the $1 billion number sounds impressive not many people are using Apple Card as their primary card. Just under 30% use the Apple Card to make two or more payments each month.

The company also touted its financial health focus with 200,000 users who were initially denied the card successfully following the personalized steps to improve their credit and were later approved for the card.

The article even included a quote from a Goldman Sachs executive singing the praises of the Apple Card. But I will be surprised if the Apple-Goldman relationship lasts until the end of the year.

While the Apple Card is a cool product, it could be so much more. Particularly given the fact that the Apple Card was purposely built for tight integration with the Apple Wallet. But that is a conversation for another time.

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Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

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