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When Apple launches its new card, 24% of young millennials and 22% of older millennials intend to apply for it, according to a new survey from Cornerstone Research. If this plays out, Apple would have the second-highest market share among young millennials (behind Capital One), and third highest market share for older millennials (behind Capital One and BofA).
Of the consumers who expect to apply for an Apple Card, about one in five don't currently have any credit cards--the Apple Card would be their first. The majority (54%) of these potential first-time credit cardholders are sub-prime consumers with a self-reported credit score below 680. In addition, among the expected Apple Card applicants who currently have a credit card, a quarter of them have a credit score below 680. With credit card charge-offs at a seven-year high, this might not be a good time for Apple to issue credit cards to subprime consumers. But no need to worry, I'm sure that Goldman Sachs knows what it's doing.
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