Industry Analysis of the Apple Card

In his weekly column in Forbes Ron Shevlin of Cornerstone Advisors digs into the Apple Card with research done by his firm; 3.1 million people have the Apple Card with 70 percent of them being millennials and just 3 percent being baby boomers; 33 percent make below $50K and 33 percent make more than $100K, while 56 percent have college degrees; 33 percent of cardholders also have a credit card from American Express and about 30 percent have a card from Bank of America; almost 60 percent of Apple Card customers say the card is their primary credit card which is a big success for a card this new; Goldman Sachs could be the real winner as the makeup of cardholders could prove well in a downturn and the amount willing to also open a Marcus account is significant; it is still early days for the Apple Card but they have shown the ability to succeed and are set up for a potentially big future. Forbes

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