Apple Card earns consumers who use it $1 billion in daily cash

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(Image credit: Apple)

Today, Apple said in a press release that five years after it introduced the Apple Card, there are more than 12 million Apple Card users who are, “reaping the benefits of Apple Card’s award-winning experience.” Apple stated that such benefits include easy-to-navigate spending tools as well as the new savings account, which Apple launched this past April, in partnership with Goldman Sachs. It also said that the Apple Card continues “to reinvent the credit card experience and provide features designed to help users lead healthier financial lives.”

The press release next included quotes from two executives, one from Apple, the other Goldman Sachs: 

“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. She also 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.”

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Then, Bill Johnson, Goldman Sachs’s CEO of Enterprise Partnerships in Platform Solutions, weighed in: “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. We are committed to continuing to deliver an excellent experience for Apple Card customers.”

It’s very interesting to see the quotes from these two, one after the other, particularly Johnson’s last sentence about commitment, given the recent news that Goldman Sachs is looking to exit the Apple Card partnership with Apple. 

Aside from helping its customers earn more than $1 billion in Daily Cash, Apple’s press release said that Apple Card users have been enjoying using the Savings account. “The Savings account quickly became a favorite feature among Apple Card users and reached over $10 billion in deposits in just a few short months." Apple also said its Savings plan currently “offers a high-yield APY of 4.50 percent.”

Additionally, it said that “the vast majority of users auto-deposit their Daily Cash into Savings, and nearly two-thirds of users have deposited additional funds from a linked bank account to further help them save for the future.” 

Terry Sullivan

Terry Sullivan has tested and reported on many different types of consumer electronics and technology services, including cameras, action cams, mobile devices, streaming music services, wireless speakers, headphones, smart-home devices, and mobile apps. He has also written extensively on various trends in the worlds of technology, multimedia, and the arts. For more than 10 years, his articles and blog posts have appeared in a variety of publications and websites, including The New York Times, Consumer Reports, PCMag, Worth magazine, Popular Science, Tom’s Guide, and Artnews. He is also a musician, photographer, artist, and teacher.