The partnership with Goldman Sachs allowed the inception of the Apple Card, and since its official launch back in 2019, J.D. Power, an analytics company that provides various statistics, says that the service has had the highest customer satisfaction rating for the third consecutive year.
“Apple Card has been 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. 1 ranking in their segment in the U.S. Credit Card Satisfaction Study.”
One major reason why the Apple Card has garnered immense popularity is that it does not charge customers any annual fee, but it is this same perk that has forced Goldman Sachs to rethink its partnership with Apple, as it is reportedly unable to make money through this team-up. Other banks would share the same thoughts.
As much as the strained relationship might be between Apple and Goldman Sachs, Liz Martin, the head of Enterprise Partnerships of the financial institution, says that the bank is honored that it is recognized by J.D. Power.
“With Apple Card, we have had a shared focus on delivering a great experience and providing value to our customers since the beginning. As we have brought new offerings and benefits to customers, we are honored to once again be recognized by them and J.D. Power.”
To supplement the Apple Card’s features, a Savings feature was recently announced, allowing Apple Card users to deposit their funds and earn an annual profit from it. Given that the APY (Annual Percentage Yield) is higher than what other services provide, it is no surprise that the feature crossed $10 billion in deposits in just three months after officially launching. Whether or not another bank replaces Goldman Sachs, the Apple Card has obtained another milestone and will likely expand the features set in the future.
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