Apple Card
| Company type | Credit card |
|---|---|
| Industry | Financial services |
| Founded | August 20, 2019 |
| Founder | Apple Inc. |
| Headquarters | United States |
Area served | United States |
Key people | Apple Inc., Goldman Sachs |
| Products | Credit card, Apple Card Savings (high-yield savings account) |
| Parent | Apple Inc. |
Apple Card is a credit card created by Apple Inc. and issued through Goldman Sachs, primarily intended for use with Apple Pay on Apple devices such as the iPhone, iPad, Apple Watch, or Mac. This card is offered exclusively within the United States, boasting 12 million users as of early 2024.
History
On August 6, 2019, Apple started sending early access invitations to selected individuals who had registered for updates prior to the card's official launch in the U.S. on August 20, 2019. Initially, Apple Card did not support joint accounts or additional cardholders.
The card provides consumer-centric advantages including no fees, software features aimed at encouraging debt repayment, interest rates lower than many comparable cards, and a wide approval policy mainly targeting iPhone owners. Due to these conditions being viewed as high-risk, several major credit institutions such as Barclays, Citigroup, JPMorgan Chase, and Synchrony declined to collaborate with Apple. Goldman Sachs accepted the partnership with the goal of innovating consumer financial services by focusing on customer needs.
Apple unveiled Apple Card during a Special Event on March 25, 2019, alongside new offerings like Apple TV+, Apple News+, and Apple Arcade, signaling a strategic expansion into digital services.
In April 2021, Apple launched Apple Card Family, which enabled shared accounts and additional cardholders—co-owners must be at least 18 years old, while extra cardholders can be as young as 13. The program allows up to five people to share an account or hold cards.
By January 2023, reports from Bloomberg indicated that Goldman Sachs had experienced losses exceeding $1 billion connected to Apple Card. In April 2023, Apple introduced a high-yield savings account backed by Goldman Sachs specifically for Apple Card customers.
In June 2023, the Wall Street Journal disclosed that Goldman Sachs was negotiating with American Express regarding a potential transfer of their partnership.
Instant issuance
Applicants can request an Apple Card directly through the Wallet application. Once approved, a digital version of the Apple Card becomes immediately accessible on all of the user's devices. Additionally, a physical card can be requested for situations where contactless payment is unavailable.
The physical card does not display any visible numbers; instead, users receive a unique 16-digit virtual card number for use in online transactions where Apple Pay is not supported. The card information is securely stored in the user's iCloud Keychain and can be auto-filled during online checkouts.
Titanium card
Apple provides a titanium version of the Apple Card intended for merchants that do not accept contactless payments via Apple Pay. This titanium card features engraved logos and a laser-etched name of the cardholder but omits printed details such as the card number, CVV code, expiration date, or signature.
For activation, users possessing an iPhone XS or newer model simply tap their device near an NFC tag embedded within the packaging. Those using an iPhone X or earlier must open the Wallet app before tapping their phone against the physical card.
Cashback
Using the physical card provides 1% cashback on purchases, while transactions made through Apple Pay yield 2%. Additionally, buying items at Apple Store locations and select partners grants 3% cashback. The earned cashback is credited either to the customer's Apple Cash balance, their Apple Card Savings Account, or can be applied as a statement credit.
Fees
The Apple Card imposes no charges for late payments, foreign transactions, returned payments, or annual credit card fees. Interest is charged only when a balance is carried forward. Merchants are subject to interchange fees.
Apple Card Savings
Introduced on April 17, 2023, this option enables Apple Card holders to open a high-yield savings account with a 4.15% interest rate for depositing Daily Cash rewards. The account has no associated fees or minimum balance requirements.
Card management
Within the Wallet app, Apple Card transactions are organized into categories and accompanied by weekly and monthly spending reports. Integration with Apple Maps provides merchant location and contact information. Starting from iOS 17.4, users can grant third-party budgeting applications access to live transaction data to improve financial planning.
Privacy and security
Apple Pay assigns a distinct card number to each device, securely stored in a secure element that handles transaction processing and cryptographic operations. Every transaction employs a unique dynamic security code authorized through Face ID, Touch ID, or a passcode.
Transaction histories for Apple Card are encrypted and synchronized across devices via iCloud, accessible exclusively by the authorized user. Applying for an Apple Card mandates that the user's Apple ID account has Two-factor authentication activated.
Partnerships
At its inception, the Apple Card was issued in the US by Goldman Sachs, while the payment network was provided by Mastercard.<ref> Goldman Sachs later announced plans to exit consumer lending, including its role with Apple Card, attracting interest from major financial institutions such as JPMorgan Chase and Synchrony Financial to assume issuance.<ref> In April 2025, Visa proposed a $100 million upfront payment to replace Mastercard as the payment network for Apple Card.<ref>
Reception
By early 2024, Apple Card's user base had expanded to 12 million cardholders, up from 3.1 million in March 2020 and 6.7 million in early 2022. Nearly 60% of users consider it their main credit card.
In October 2019, MarketWatch revealed that Goldman Sachs was not reporting Apple Card payments to credit bureaus, attributing this oversight to a rushed development timeline that both companies aimed to fix.
In November 2019, entrepreneur David Heinemeier Hansson drew attention to a notable difference in credit limits between himself and his wife despite her having a higher credit score, accusing Goldman Sachs of gender bias in its algorithmic decisions. Similar concerns were voiced by Apple co-founder Steve Wozniak regarding credit limit inconsistencies. These allegations led the New York State Department of Financial Services to investigate Goldman Sachs's lending practices.
On March 23, 2021, after examining thousands of documents, conducting interviews, and reviewing underwriting data of approximately 400,000 Apple Card applicants in New York, the New York State Department of Financial Services issued a report concluding no evidence of illegal discrimination under fair lending laws was found.