Apple Card actually may be essentially the most profitable bank card launch ever.
As reported by Forbes, Apple Card now has an estimated 6.four million cardholders, a three.three million enhance in only a yr.
In March 2020, I reported that there have been three.1 million Apple Card credit score cardholders within the US (based mostly on a January 2020 shopper survey from Cornerstone Advisors).
How did the cardboard, which was launched in August 2019, do all through 2020? Fairly nicely, it seems.
In response to a Cornerstone Advisors survey from December 2020, the variety of Apple Card prospects greater than doubled over the course of the yr. Cornerstone now estimates that 6.four million Individuals are Apple Card holders.
Whereas Apple Card has made some headway with demographic teams like Millenials and Child Boomers, 80% of recent cardholders within the final yr have been girls.
The demographics of Apple Card prospects did not change considerably all through 2020. Customers of their 20s and 30s comprise 70% of Apple Card prospects (as some extent of reference, they symbolize 44% of all credit score cardholders).
Apple did make some positive factors amongst Child Boomers, nonetheless. At the start of 2020, Boomers accounted for simply three% of Apple Card holders—by the top of the yr that proportion had greater than doubled to eight%.
As well as, Apple made important positive factors all through 2020 in getting the Apple Card into the fingers of ladies. In the beginning of the yr, simply 25% of cardholders have been girls. By December that proportion had grown to 42%.
Because of this 80% of the brand new Apple Card prospects that got here on board in 2020 have been girls.
Simply final month, Apple introduced new options for Apple Card: Apple Card Household. The brand new characteristic permits joint cardholders to constructed equal credit score in addition to present playing cards to youngsters as younger as 13 years previous (with parental controls in fact).