Apple Card arrived yesterday with a limited invite-only launch. Now a new study from J.D. Power has taken a look at how consumers feel about Apple Card ahead of its full rollout this month, and the firm believes it should be a “hit.”
As it explained its latest survey, J.D. Power noted some of the challenges Apple is facing with its new credit card including the market having record high customer satisfaction rates with only 11% of customers switching their primary credit card so far this year. Further, the report notes that 45% of those who switched cards did it for “a better rewards program,” which isn’t necessarily one of Apple Card’s strengths.
Despite the intense competition in the credit card market, the survey results show Apple Card has a high level of awareness among US customers with over one-in-three who have heard about it likely to apply for it.
An equal 52% of Apple Pay users say they’re “likely to apply for the Apple Card in the next 12 months.”
- Hands-on: Apple Card application and approval, Wallet app, iPad support, more
J.D. Power highlights that this is impressive without much marketing and Apple Card not being fully launched yet.
It’s also notable that Apple looks set for success without following the industry standard of offering a sign-up bonus or a higly compelling rewards program. Instead, it’s offering a “no fees” approach and focus on privacy, security, and great user experience with what J.D. Power calls “competitive” rewards “but not the best in the industry by any means.”
The study believes one challenge for Apple will be shifting consumers’ habits from using a physical card to primarily using Apple Pay.
Overall, the firm predicts Apple Card will be a “hit” thanks to an impressive new user experience and the strength of its brand.
