With more than 12 million users, is Apple Card a success?

Apple announced in late January that Apple Card users had topped 12 million since its 2019 launch, with those users earning $1 billion in Daily Cash back last year. So, what do these numbers really mean?
Kate Drew for Forbes:
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To determine whether the Apple Card is achieving success or not, we need to understand how it plays into that goal.
First, let’s look at some basic math:
• One estimate from Sheel Mohnot, general partner at Better Tomorrow Ventures, put annual spend on the Apple Card at $67 billion, or about $5,500 per user, based on Daily Cash equating to 1.5% of spend. He noted that Delta’s American Express co-brand, which has about 7.5 million cards in circulation, compares with $250 billion in spend, or $33,000 per user.
• iPhone users in the US clock in at around 150 million and Apple Pay users at 55.8 million. Based on these figures, Apple Card has 22% penetration with Apple Pay users and 8% penetration among US iPhone users.
Depending on how you look at it, Apple is either lagging behind on spend, or it is doing quite fine for how old it is — Delta’s cobrand relationship with Amex dates back to 1996. When it comes to adoption, however, it is represented fairly well among Apple Pay users in the US. And that’s really the statistic that matters; Apple is looking to center itself at the heart of consumers’ financial lives, and Apple Pay is its core vehicle to do that. Really, Apple Card is a foundational tool in that engine.

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MacDailyNews Take: Unlike other credit cards, Apple Card doesn’t exist simply to win on annual spending by users. Apple Card exists to boost Apple Pay and Apple Savings usage alongside enriching the Apple ecosystem overall which benefits product sales across the board. Annual spending by Apple Card users will naturally increase over time, especially if Apple continues to make it worthwhile to use Apple Card over competitors (especially to purchase more Apple products and services).
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