Apple Card has once again been awarded best in customer satisfaction among co-branded credit cards with no annual fee as rated by J.D. Power.
Apple debuted the Apple Card in 2019, in partnership with Goldman Sachs. Since its introduction, the card has proven to be popular with cardholders. As for Goldman Sachs itself, the bank doesn’t seem as satisfied with the partnership, more about that a bit later.
This marks the fourth straight year that the Cupertino firm has scored the win in J.D. Power’s rankings for the “Best Co-Branded Credit Card for Customer Satisfaction with No Annual Fee” in the American data analytics, software, and consumer intelligence company’s 2024 U.S. Credit Card Satisfaction Study.
The J.D. Power U.S. Credit Card Satisfaction Study measures overall customer satisfaction based on performance across various categories, including Account Management, Customer Service, and New Account Experience.
Introduced in 2019, Apple Card was built with users’ financial health in mind. Apple Card has absolutely no fees and is designed to offer users an easy and secure way to track purchases and manage spending from Wallet while receiving up to three percent Daily Cash on every purchase. With Apple Card Family, users can also share an Apple Card account with anyone added to their Family Sharing group. Users can also open a Savings account through Apple Card and choose to have their Daily Cash automatically deposited there, allowing users to get even more value from their Daily Cash. Savings comes with no fees, no minimum deposits, and no minimum balance requirements, and also allows users to transfer additional funds from a linked bank account to further grow their savings.
While Apple Card customers may be mostly satisfied with the Apple Card, Goldman Sachs doesn’t seem to have similar feelings about its partnership with Apple for the Apple Card. In November, we reported that the financial institution was considering backing out of its partnership with Apple and would stop issuing the card in early 2025.
The Apple Card partnership between the two has not been a traditional one. Goldman Sach had not previously been involved with consumer banking, and its deal with Apple does not allow it to collect the fees that many credit card issuers benefit from. The bank does not get a cut of the fee that merchants pay to Apple to accept the Apple Card, nor is it able to collect annual fees, late fees, or foreign transaction fees. The financial firm does earn fees from loans issued to cardholders who split Apple purchases into installments.
