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).
| less than a minute read
The Coming Apple Credit Card Tsunami: Consumer Survey Finds Huge Demand For The New Card
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.
