Apple Card users earned more than $1 billion a day in cash last year

By Julie Clover

Apple Card has more than 12 million users in the United States, and cardholders will earn more than $1 billion in daily cash rewards in 2023, Apple announced today.

Daily cash is credited for every ‌Apple Card‌ purchase. Apple offers 3% cash back on Apple purchases and items purchased from select partners such as T-Mobile, Ace Hardware, Panera Bread, Walgreens and Uber. All Apple Pay purchases using ‌Apple Card‌ earn 2% cash back and 1% cash back on all other purchases.

Apple pays out Daily Cash rewards every day and ‌Apple Card‌ holders can choose to add it to the Apple Cash card, or they can choose not to deposit their money into the Apple Savings account they opened last year.

Apple says the “vast majority” of &zwnj ;Apple Card‌ users have opted in to have their daily cash deposited automatically into savings, and nearly two-thirds of users deposit additional funds from a linked bank account. ‌Apple Card‌ offers an APY of 4.50 percent currently, which is on par with high-yield savings accounts from many competing financial institutions.

Almost 30 percent of ‌Apple Card‌ customers make two or more payments per month and more than a million ‌Apple Card‌ users share their ‌Apple Card‌ with your Family Sharing group. About 600,000 users have added spouses, partners or other trusted individuals to their ‌Apple Card‌. For those who have a low credit score and were not initially approved for an ‌Apple Card‌, Apple offers a “Path to the ‌Apple Card‌ Program.” According to Apple, 200,000 users have been approved for ‌Apple Card‌ after registering and completing the personal steps of the program.

Almost five years have passed since the registration of the ‌Apple Card‌ launched in 2019, and ‌Apple Pay‌ Vice President Jennifer Bailey said that ‌Apple Card‌ New tools and functions will appear. holders “for the coming year and beyond.”

“We designed Apple Card with users' financial health in mind, and it's great to see more than 12 million of our customers using its features to improve their health. financial solutions,” said Jennifer Bailey, Apple vice president of Apple Pay and Apple Wallet. “We're proud to offer Apple Card in just five years. As we look to the year ahead and beyond, we're excited to continue to innovate and invest in the award-winning Apple Card experience. and provide users with more tools and features to help them lead healthier financial lives.”

Although ‌Apple Card‌ As the five-year anniversary of the launch approaches, Apple has failed to expand it to countries outside the US.

Apple's relationship with ‌Apple Card‌ Provider Goldman Sachs has also failed to live up to expectations, with reports suggesting that Apple and Goldman Sachs are planning to end their partnership in the next 12 to 15 months. Goldman Sachs plans to shrink its consumer business and its partnership with Apple will be dissolved entirely.

Apple will need to find another partner for ‌Apple Card‌, but the company said it is focused on providing a better experience for customers. Interruptions in the operation of ‌Apple Card‌ no service is expected, and there is no word yet on a financial institution Apple might partner with to replace Goldman Sachs. The failure of the Goldman Sachs agreement and the upcoming shift will likely delay any behind-the-scenes plans by Apple to expand ‌Apple Card‌ outside the USA.

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