What you need to know
- New survey shows awareness for the Apple Card is remarkably high.
- This bodes were for the success of Apple's latest product.
- It will have to cross the hurdle of high customer satisfaction in the market.
The Apple Card is just rolling out on a limited basis to select users, but a new survey by J.D. Power shows that consumers know Apple's new product is coming. Awareness for the Apple Card is "remarkably high" and is paving the way for it to be a hit, says the firm.
The Apple Card has not even launched yet, and 38% of U.S. adults are already aware of it. Among those who are aware of the card, 35% say that they are somewhat or very likely to apply for the card. Those numbers are even higher among younger credit card customers. Among 18-29 year-olds, over half (52%) are aware of the Apple Card.
J.D. Power also explains that the Apple Card has a big hurdle to clear; rewards. The credit card market has high satisfaction rates, which means consumers rarely flip flop between card providers. The main reason they do so has to do with better rewards programs — Apple Card's rewards are limited to daily cashback at 1, 2 or 3%.
Regardless, with awareness being as high as it is, the Apple brand, along with the ease of use — Apple Card is managed through the iPhone with a slick interface —could be enough to sway consumers to test it out.
This may set up the Apple Card to be a hit:
Despite an incredibly tight credit card marketplace, it looks like the Apple Card will be a hit because of the power of the Apple brand and a history of delivering on a superior user experience.