In the United States, the adoption rate of Apple card is rising. The number of existing card holders has increased to an estimated 6.4 million. The new increase is mainly driven by the strong interest of women. According to estimates made by cornerstone advisors in December 2020, the number of Apple card holders is estimated to more than double throughout 2020.
Apple launched its credit card product in August 2019.
In 2020, the recognition of Apple cards among women has made great progress. At the beginning of 2020, about 25% of card holders are women, and by December, the proportion has increased to 42%. According to this data, cornerstone estimates that 80% of Apple card's new customers in 2020 will be women.
The data also shows that consumers in their 20s and 30s account for 70% of Apple card users. However, by the end of 2020, the proportion of baby boomers in the apple card customer base has increased from 3% at the beginning of the year to 8%.
In March, apple added the ability to have multiple users in a credit card account called Apple card family, which can include the family's children and spouses as well as cardholders who do not have enough credit to handle credit cards in a repayment account.