The fewest people in history switched credit cards — will they switch to Apple Card?
- Apple Card began a slow rollout before it's pushed out generally later this month.
- Data show that customer satisfaction with their existing cards is at an all time high.
Apple Card soft launched this week in a market that’s getting increasingly harder to get people to switch credit cards. In fact, customer satisfaction with their existing credit cards is at an all time high. Only 11 percent of people switched their primary cards, according to research from JD Power.
The research firm also found that of the people who did switch, 45 percent of them switched because of a rewards program. Only 17 percent of people switched because of a strong signup offer.
Apple Card is a good card for consumers and even better for Apple. It blends integration into the iPhone and Apple ecosystem with a somewhat generous rewards program.
As Apple Card is now being rolled out, it enters a market that’s somewhat obstinate. But Apple fans rarely miss a chance to surprise. 38 percent of US adults are already aware of the Apple Card.
That level of awareness obviously goes up when you look at the 18-29 demographic. 52 percent of people in this group are aware of the Apple Card.
Apple Card appears poised for significant take up. Of the people who are aware of the card, 35 percent said they were somewhat to very likely to apply for Card.