For the second year, Apple Card and Goldman Sachs rank No. 1 in customer study (2024)

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UPDATE August 18, 2022

For the second year in a row, Apple Card and issuer Goldman Sachs ranked highest in the Midsize Credit Card Issuer segment in the annual J.D. Power U.S. Credit Card Satisfaction StudySM.

Apple Card and issuer Goldman Sachs again topped the charts in the Midsize Credit Card Issuer segment of the annual J.D. Power U.S. Credit Card Satisfaction StudySM for the second year in a row.1 Apple Card and issuer Goldman Sachs also ranked highest across all of the surveyed categories in the Midsize Credit Card Issuer segment for the second straight year, including interaction, credit card terms, communication, benefits and services, rewards, and key moments.

“Enhancing our customers’ lives is at the heart of what we do, so we are honored to have Apple Card and issuer Goldman Sachs recognized again this year for customer satisfaction,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “We remain committed to providing a digital-first credit card that helps customers lead healthier financial lives, and we look forward to continuing to deliver innovative financial tools and award-winning customer satisfaction to our Apple Card users.”

“As we continue to serve more and more people, we are thrilled to once again be recognized by our customers and J.D. Power as No. 1 in customer satisfaction among midsize credit card issuers,” said Peeyush Nahar, Goldman Sachs’s global head of Consumer Business. “We look forward to continuing to work with our partners at Apple to deliver valuable, consumer-centric products that provide an award-winning customer experience.”

Introduced in 2019, Apple Card was built with customers’ financial health in mind. Apple Card has no fees2 and is designed to offer customers an easy and secure way to track purchases, and manage spending from Wallet, while getting up to 3 percent Daily Cash when they use Apple Card online, in-store, and in-apps. With Apple Card Family, users can also share an Apple Card account with anyone added to their Family Sharing group, including two co-owners who can manage the Apple Card Family account and build their credit equally together, as well as add participants ages 13 years or older to the account. Terms apply. More information about Apple Card is available at apple.com/apple-card.

  • Text of this article

    August 18, 2022

    UPDATE

    For the second consecutive year, AppleCard and issuer Goldman Sachs ranked No.1 in customer satisfaction in the Midsize Credit Card Issuer segment in the J.D. Power 2022 U.S. Credit Card Satisfaction Study

    Apple Card and issuer Goldman Sachs again topped the charts in the Midsize Credit Card Issuer segment of the annual J.D. Power U.S. Credit Card Satisfaction StudySM for the second year in a row.1 Apple Card and issuer Goldman Sachs also ranked highest across all of the surveyed categories in the Midsize Credit Card Issuer segment for the second straight year, including interaction, credit card terms, communication, benefits and services, rewards, and key moments.

    “Enhancing our customers’ lives is at the heart of what we do, so we are honored to have Apple Card and issuer Goldman Sachs recognized again this year for customer satisfaction,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “We remain committed to providing a digital-first credit card that helps customers lead healthier financial lives, and we look forward to continuing to deliver innovative financial tools and award-winning customer satisfaction to our Apple Card users.”

    “As we continue to serve more and more people, we are thrilled to once again be recognized by our customers and J.D. Power as No. 1 in customer satisfaction among midsize credit card issuers,” said Peeyush Nahar, Goldman Sachs’s global head of Consumer Business. “We look forward to continuing to work with our partners at Apple to deliver valuable, consumer-centric products that provide an award-winning customer experience.”

    Introduced in 2019, Apple Card was built with customers’ financial health in mind. Apple Card has no fees2 and is designed to offer customers an easy and secure way to track purchases, and manage spending from Wallet, while getting up to 3 percent Daily Cash when they use Apple Card online, in-store, and in-apps. With Apple Card Family, users can also share an Apple Card account with anyone added to their Family Sharing group, including two co-owners who can manage the Apple Card Family account and build their credit equally together, as well as add participants ages 13 years or older to the account. Terms apply. More information about Apple Card is available at apple.com/apple-card.

    1. The J.D. Power 2022 U.S. Credit Card Satisfaction StudySMsurvey was fielded from August 2021 to June 2022, during which time Goldman Sachs and Apple Card qualified for the midsize issuer segment. For additional information, please visit the J.D. Power press release athttp://www.jdpower.com/pr-id/2022099.
    2. Variable APRs range from 13.24 percent to 24.24 percent based on creditworthiness. Rates as of August 1, 2022.

    Press Contacts

    Apple Media Helpline

    media.help@apple.com

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  1. The J.D. Power 2022 U.S. Credit Card Satisfaction StudySMsurvey was fielded from August 2021 to June 2022, during which time Goldman Sachs and Apple Card qualified for the midsize issuer segment. For additional information, please visit the J.D. Power press release athttp://www.jdpower.com/pr-id/2022099.
  2. Variable APRs range from 13.24 percent to 24.24 percent based on creditworthiness. Rates as of August 1, 2022.

Press Contacts

Apple Media Helpline

media.help@apple.com

For the second year, Apple Card and Goldman Sachs rank No. 1 in customer study (2024)

FAQs

What is unique about Apple's credit card they partnered with Mastercard and Goldman Sachs on? ›

Tokenization Technology: Goldman Sachs has developed a unique tokenization system for the Apple Card. It replaces the traditional credit card number (PAN) with a unique, one-time-use token for each transaction.

Is Apple credit card a success? ›

Apple Card was also named the Best Co-Branded Credit Card for Customer Satisfaction with No Annual Fee in the J.D. Power 2023 U.S. Credit Card Satisfaction Study, marking the third consecutive year Apple Card and issuer Goldman Sachs have been recognized by J.D. Power with a No.

Does Goldman Apple Card business has a surprising subprime problem? ›

Last year, the Apple Card faced unexpected challenges with subprime borrowers, resulting in Goldman experiencing a significantly higher net charge-off rate (2.93%) compared to JPMorgan and Bank of America. Even Capital One, the largest subprime player among major banks, had a lower charge-off rate.

What's so special about the Apple credit card? ›

Unlimited Daily Cash

When you buy something using Apple Card, you get a percentage of your purchase back in Daily Cash — not a month from now, but every day. It's real cash, so unlike rewards, it never expires or loses its value.

Is Goldman Sachs leaving Apple Card? ›

End of Partnership: Apple has communicated its intention to terminate the collaboration with Goldman Sachs, covering the Apple Card and savings account services, within the next 12 to 15 months. This decision marks a significant shift as Apple explores alternative options to meet its customers' financial needs.

Is Apple Card failing? ›

But the Apple Card failure is a bigger issue because of the major losses, as reported by CNBC. Goldman's loss rate on credit card loans is the worst among major American card issuers and “well above subprime lenders” at 2.93%, according to a September note from JPMorgan.

Who is replacing Goldman Sachs for Apple Card? ›

Apple Inc. is set to sever its links with Goldman Sachs as its primary financial services partner, with Chase lined up for a new partnership. As reported by Bloomberg, the turbulent relationship is to conclude following delays, anger, and significant losses.

What bank owns Apple Card? ›

Apple Card is a credit card created by Apple Inc. and issued by Goldman Sachs, designed primarily to be used with Apple Pay on an Apple device such as an iPhone, iPad, Apple Watch, or Mac.

What is the highest credit limit with Apple Card? ›

The Apple Card credit limit is usually around $2,500 to start, according to forum posts, and some cardholders report limits as high as $20,000. Marcus by Goldman Sachs does not include any specific Apple Card credit limit information in the card's terms, though.

Is Apple Card worth it 2024? ›

No Major Fees

Still, not having to pay an annual fee itself will save you about $22.29 per year, compared to the average credit card offer. But since so much of the Apple Card's rewards value hinges on Apple-centric spending, getting average rewards on everything else figures to be more impactful than usual.

What is the highest balance on the Apple Card? ›

From the updated Apple Card cardholder agreement, effective March 1: The maximum balance limit for your Account is $1,000,000, based on your Current Balance (including interest and Daily Cash deposits).

Why is Apple Card declining? ›

Some possible reasons for why the transaction is declining even though the digital card still appears in the Apple wallet include: Your card has been temporarily locked. Your card or the transaction account has insufficient funds or limit for the transaction. An incorrect card PIN has been entered at the terminal.

What are the credit requirements for Apple Goldman Sachs credit card review? ›

When you apply for an Apple Card, Goldman Sachs will review your FICO® Score based on the information on your TransUnion credit report. While some people have been approved for the Apple Card with subprime or fair credit scores (under 670), you'll have an easier time getting approved with a good to excellent score.

How did Apple Card lose money? ›

These losses have been driven in part by a much higher-than-usual loss rate on its credit card loans—meaning that people with Goldman-backed credit cards like the Apple Card are actually making their payments less often than people with credit cards from other banks.

How did Apple and Mastercard collaborate? ›

Collaboration Structure:

Apple designed the card and will handle its software interface for iPhones. Goldman Sachs is responsible for the underlying infrastructure, managing payment disputes, handling transaction data and collating information for monthly statements. Mastercard is serving as the payment network.

What does Goldman Sachs have to do with Apple? ›

Apple has given Goldman Sachs a proposal to end their consumer banking partnership within the next 12-15 months. If the bank accepts the proposal, the move could possibly affect the two consumer banking products Apple currently offers: the Apple Card and the Apple Savings account.

What is the relationship between Apple and Goldman Sachs? ›

Apple works with Goldman Sachs and makes changes to Apple Card to make it a sustainable business for Goldman Sachs. Apple lets Goldman Sachs out of the agreement (probably by making them pay a gazillion dollars in penalties/breakup fees).

What is the relationship between Apple and Mastercard? ›

About the Alliance

When introducing Apple Pay, MasterCard joined forces with Apple. Through this alliance, MasterCard users could use a global contactless payment option, and Apple was able to use the knowledge and experience of an established international credit card to develop its contactless system.

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