Apple Card's 12 million users are taking advantage of everything it has to offer

Apple Card users earned more than $1 billion in Daily Cash in 2023

It's been nearly five years since the introduction of the Apple Card, and cardholders are taking advantage of everything it offers.

In partnership with Goldman Sachs, Apple launched the Apple Card in 2019. Since then, it's been a notable, if not somewhat controversial, hit.

In 2023 alone, users earned over $1 billion in Daily Cash from using Apple Card. Cardholders also took advantage of the new savings account feature that was launched in April 2023. According to Apple, users reached over $10 billion in deposits "in just a few short months."

Additionally, most Apple Card cardholders auto-deposit their Daily Cash into savings, with two-thirds adding additional funds from linked bank accounts. Currently, the Apple Card offers an APY of 4.5%

"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," Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet said in a press release.

"We're proud of what we've been able to deliver to Apple Card customers in just five years. 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."

Of its 12 million users, Apple says that nearly 30 percent make two or more payments per month, which helps to avoid racking up interest when making large payments.

Apple also shared that more than a million Apple Card users have shared their Apple Card with their Family Sharing Group. It also says that "600,000 users are building credit equally with their spouses, partners, or another trusted adult on Apple Card."

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7 Comments

Xed 2876 comments · 4 Years

About 9 months ago

Of its 12 million users, Apple says that nearly 30 percent make two or more payments per month, which helps to avoid racking up interest when making large payments.

1) I'm not understanding this sentence. I'm either reading that wrong or it's suppose to end with "...when making large purchases."

2) I'm also confused by the 2 or more payments per month. I pay once a month on or just before my due date — which unfortunately for all GS Apple Card employees is the end of the month for every user. I don't see a need to pay more often because I don't accrue interest before the due date, which is already from the previous month's statement (not the month I'm in). Apple has made their UI the best in class in how much you owe and when you'll start paying interest on the charges. If I didn't have a lot of credit, I can see paying more frequently than one a month to make that credit available again while also earning cash back from the card usage -and/or- if my revolving credit card usage was too high* when GS (and others) report** to the credit bureaus, I can see myself paying off my card more than once a month. Other than that I'm not seeing why and it seems high to me that 30% would pay their card off multiple times a month for either of those reasons.

* This is a percentage of how much available credit has utilized on your cards. Anything under 10% is the most favorable.
** It has come to my attention that most people don't realize that card issuers report to the credit bureaus on cycles that may not be favorable to a borrower trying to build their credit score. You can usually call and ask them around when they report so you can pay down your balance before that date.

mpantone 2245 comments · 18 Years

About 9 months ago

Xed said:

2) I'm also confused by the 2 or more payments per month... (truncated for brevity)

** It has come to my attention that most people don't realize that card issuers report to the credit bureaus on cycles that may not be favorable to a borrower trying to build their credit score. You can usually call and ask them around when they report so you can pay down your balance before that date.

Well, therein lies the explanation.

I can't be bothered to remember when any given lender reports to Credit Bureau A, B, or C. Like most Americans I have more than one line of consumer credit. For many this also includes longer-term debt like mortgages, auto loans, student loans, etc., not just revolving credit card debt.

If I make a big purchase on a credit card but have the cash on hand to pay it off, it's to my benefit to do so because I don't want to micromanage credit card payments right before their reporting date.

Today, like most days, my credit utilization is less than 1% across maybe 7-8 credit cards because I will pay off my cards (plural) multiple times a month; it has been like that for 10+ years. My credit score fluctuates between 820 and 830. I'm what the consumer credit industry labels a deadbeat.

In the end Apple Card is just another credit card to me, at least from a credit reporting perspective. Goldman Sachs Bank NA is just another creditor, just like JPMorganChase, American Express, BankOfAmerica, whatever.

neverindoubt 120 comments · 16 Years

About 9 months ago

mpantone said:

Xed said:

2) I'm also confused by the 2 or more payments per month... (truncated for brevity)

** It has come to my attention that most people don't realize that card issuers report to the credit bureaus on cycles that may not be favorable to a borrower trying to build their credit score. You can usually call and ask them around when they report so you can pay down your balance before that date.

Well, therein lies the explanation.

I can't be bothered to remember when any given lender reports to Credit Bureau A, B, or C. Like most Americans I have more than one line of consumer credit. For many this also includes longer-term debt like mortgages, auto loans, student loans, etc., not just revolving credit card debt.

If I make a big purchase on a credit card but have the cash on hand to pay it off, it's to my benefit to do so because I don't want to micromanage credit card payments right before their reporting date.

Today, like most days, my credit utilization is less than 1% across maybe 7-8 credit cards because I will pay off my cards (plural) multiple times a month; it has been like that for 10+ years. My credit score fluctuates between 820 and 830. I'm what the consumer credit industry labels a deadbeat.

In the end Apple Card is just another credit card to me, at least from a credit reporting perspective. Goldman Sachs Bank NA is just another creditor, just like JPMorganChase, American Express, BankOfAmerica, whatever.

Credit card OCD at its most obsessive.

Pay your credit card balance in full when it’s due, and get a hobby.

Xed 2876 comments · 4 Years

About 9 months ago

mpantone said:

Xed said:

2) I'm also confused by the 2 or more payments per month... (truncated for brevity)

** It has come to my attention that most people don't realize that card issuers report to the credit bureaus on cycles that may not be favorable to a borrower trying to build their credit score. You can usually call and ask them around when they report so you can pay down your balance before that date.

Well, therein lies the explanation.

I can't be bothered to remember when any given lender reports to Credit Bureau A, B, or C. Like most Americans I have more than one line of consumer credit. For many this also includes longer-term debt like mortgages, auto loans, student loans, etc., not just revolving credit card debt.

If I make a big purchase on a credit card but have the cash on hand to pay it off, it's to my benefit to do so because I don't want to micromanage credit card payments right before their reporting date.

Today, like most days, my credit utilization is less than 1% across maybe 7-8 credit cards because I will pay off my cards (plural) multiple times a month; it has been like that for 10+ years. My credit score fluctuates between 820 and 830. I'm what the consumer credit industry labels a deadbeat.

In the end Apple Card is just another credit card to me, at least from a credit reporting perspective. Goldman Sachs Bank NA is just another creditor, just like JPMorganChase, American Express, BankOfAmerica, whatever.

Less than 1% or 9% doesn't affect your credit rating, as far as I know. It's also not a big deal if your credit rating fluctuates below 820 since you're still well above the excellent credit rating threshold. If you currently need to pay them off more frequently to stay below 10% then I'd advise getting higher limits on your cards so that your combined credit usage can stay comfortably below 10% without having to pay them off once a week (which is something I've only ever advised for someone who is trying to build credit and only has a low-value secured credit card to use).

mpantone 2245 comments · 18 Years

About 9 months ago

neverindoubt said:

mpantone said:

Xed said:

2) I'm also confused by the 2 or more payments per month... (truncated for brevity)

** It has come to my attention that most people don't realize that card issuers report to the credit bureaus on cycles that may not be favorable to a borrower trying to build their credit score. You can usually call and ask them around when they report so you can pay down your balance before that date.

Well, therein lies the explanation.

I can't be bothered to remember when any given lender reports to Credit Bureau A, B, or C. Like most Americans I have more than one line of consumer credit. For many this also includes longer-term debt like mortgages, auto loans, student loans, etc., not just revolving credit card debt.

If I make a big purchase on a credit card but have the cash on hand to pay it off, it's to my benefit to do so because I don't want to micromanage credit card payments right before their reporting date.

Today, like most days, my credit utilization is less than 1% across maybe 7-8 credit cards because I will pay off my cards (plural) multiple times a month; it has been like that for 10+ years. My credit score fluctuates between 820 and 830. I'm what the consumer credit industry labels a deadbeat.

In the end Apple Card is just another credit card to me, at least from a credit reporting perspective. Goldman Sachs Bank NA is just another creditor, just like JPMorganChase, American Express, BankOfAmerica, whatever.

Credit card OCD at its most obsessive.
Pay your credit card balance in full when it’s due, and get a hobby.

Ahaha, I have plenty of hobbies, thank you very much.

Paying off my credit cards multiple times a month is actually a lot easier than it might seem. I use one credit card for most of my purchases, the others are only used under certain circumstances (e.g., there's one card that waives foreign transaction fees which I use when I travel abroad).

Since you don't seem to know, it takes about 10 seconds to pay off a credit card with an iOS app. This is the sort of thing I do when I standing in line at the grocery store or waiting for the gas station pump to finish filling up my car's gas tank. It's certainly better than doom scrolling through dumbass social media.

I'm a longtime user of Mint.com (from before it was acquired by Intuit). This service tells me at a glance how much I owe on each card so I don't actually have to fire up each card's app just to see there's a balance. But basically I have a good idea at any given time how much I owe on each. And since all of my cards have different closing dates (which I don't bother to track), it's actually easier just to pay when I see a balance.

And hey, I'm the guy with the 820+ credit score while putting very little effort and even less time into the matter.

The Apple Card is simply another one of those cards. Initially it wasn't supported by Mint.com and other consumer finance tracking services so I had little desire to fire up a separate app just to check what I owed.

Goldman Sucks blows and I'm not surprised they are abandoning their poorly executed foray into consumer lending which basically hastened their CEO's departure. I haven't transacted anything on my Apple Card for several years.

It'll be interesting to see who steps in as the new issuing bank.