Apple Card Users Reap Over $1 Billion in Daily Cash Rewards in Milestone Year

Highlights

• Apple Card users earned over $1 billion in Daily Cash rewards in the past year.
• The Savings account feature attracted over $10 billion in deposits with a 4.50% APY.
• Apple Card Family sharing extended to over 1 million users for credit building.
• Recognized by J.D. Power for customer satisfaction with no annual fee for the third consecutive year.

Five years into its journey, Apple Card has marked a significant milestone in 2023.

The credit card has seen its users collectively earn over $1 billion in Daily Cash rewards last year, a rather unprecedented feat in the world of banking

Maximising Rewards and Financial Wellness

The Daily Cash feature of the Apple Card has been a major draw for users, offering them immediate cashback on purchases.

This incentive has not only encouraged more usage but is said to have also contributed to a healthier financial lifestyle among Apple Card holders.

Jennifer Bailey, Apple’s Vice President of Apple Pay and Apple Wallet said “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”. 

“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,” added Bailey.

Innovative Savings and Financial Tools

Alongside the Daily Cash benefits, Apple Card introduced a Savings account feature that quickly gained traction among its users.

With over $10 billion in deposits within a few months of its launch, the Savings account offers a high-yield Annual Percentage Yield (APY) of 4.50 percent.

This feature allows users to auto-deposit their Daily Cash rewards, and nearly two-thirds of them have added additional funds from linked bank accounts, further enhancing their savings.

In addition to all these features, the card also provides robust payment tools that aid users in making informed financial decisions.

The interest estimator tool, for instance, helps users understand potential interest costs in real-time before making payments.

Family Sharing and Credit Building

Apple Card Family, introduced in 2021, has also been a significant addition, allowing over 1 million users to share the Apple Card with their Family Sharing Group.

This feature is particularly beneficial for nearly 600,000 users who are building credit equally with spouses, partners, or other trusted adults.

Furthermore, Apple says that the Path to Apple Card program has helped over 200,000 users gain access to credit by following personalized steps to improve their financial health.

Finally, for the third time running, Apple Card’s user-centric approach has been acknowledged as the Best Co-Branded Credit Card for Customer Satisfaction with No Annual Fee in the J.D. Power 2023 U.S. Credit Card Satisfaction Study.

FAQs

What is the total Daily Cash rewards earned by Apple Card users in the last year?

In 2023, Apple Card users collectively earned over $1 billion in Daily Cash rewards, reflecting the card’s appeal and the financial benefits it offers to its customers.

How has the Savings account feature been received by Apple Card users?

The Savings account feature of the Apple Card, offering a high-yield APY of 4.50 percent, saw more than $10 billion in deposits shortly after its launch, showing strong customer adoption and satisfaction.

What are the benefits of the Apple Card Family sharing feature?

Apple Card Family allows sharing of credit benefits within a Family Sharing Group, aiding in credit building for nearly 600,000 users by equally contributing to their credit scores.

How does Apple Card support users’ financial health?

Apple Card offers tools like an interest estimator to aid users in understanding potential interest costs, and programs like Path to Apple Card which guide users in improving their financial health.

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