What you need to know
- Apple Card now has an estimated 6.4 million cardholders.
- 80% of new cardholders last year were women.
Apple Card really might be the most successful credit card launch ever.
As reported by Forbes, Apple Card now has an estimated 6.4 million cardholders, a 3.3 million increase in just a year.
In March 2020, I reported that there were 3.1 million Apple Card credit cardholders in the US (based on a January 2020 consumer survey from Cornerstone Advisors).
How did the card, which was launched in August 2019, do throughout 2020? Pretty well, it turns out.
According to a Cornerstone Advisors survey from December 2020, the number of Apple Card customers more than doubled over the course of the year. Cornerstone now estimates that 6.4 million Americans are Apple Card holders.
While Apple Card has made some headway with demographic groups like Millenials and Baby Boomers, 80% of new cardholders in the last year were women.
The demographics of Apple Card customers didn't change significantly throughout 2020. Consumers in their 20s and 30s comprise 70% of Apple Card customers (as a point of reference, they represent 44% of all credit cardholders).
Apple did make some gains among Baby Boomers, however. At the beginning of 2020, Boomers accounted for just 3% of Apple Card holders—by the end of the year that percentage had more than doubled to 8%.
In addition, Apple made significant gains throughout 2020 in getting the Apple Card into the hands of women. At the start of the year, just 25% of cardholders were women. By December that percentage had grown to 42%.
This means that 80% of the new Apple Card customers that came on board in 2020 were women.
Just last month, Apple announced new features for Apple Card: Apple Card Family. The new feature allows joint cardholders to built equal credit as well as provide cards to children as young as thirteen years old (with parental controls of course).