Apple Card has yet again won the title of best Co-branded credit card in customer satisfaction ranking in the J.D. Power 2023 U.S. Credit Card Satisfaction Study. This is the third consecutive year that Apple Card has won this title. The title bestowed on Apple Card is “Best Co-Branded Credit Card for Customer Satisfaction with No Annual Fee” to be precise.
Apple Card made its debut in 2019 and the tech giant partnered with banking conglomerate Goldman Sachs to launch the credit card. While Apple Card is currently only available in the U.S., it has received a great response from users so far.
Third Consecutive Year
Apple Card is a credit card that allows users to check their credit lines and one can apply for it without sending a hard inquiry to the credit bureau. The credit card also made it possible to purchase Apple products including iPhone, iPad, and MacBook on monthly EMIs without paying any interest for a duration of up to 24 months.
During the earning call of 2019, Apple CEO Tim Cook said that Apple Card is the most successful launch of a credit card in the United States ever.
According to the J.D. Power 2023 U.S. Credit Card Satisfaction Study, Apple Card has obtained a score of 655 in customer satisfaction among other co-brand credit cards with no annual fee. Apple Card is followed by Hilton Honors American Express Card with a score of 638. Whereas, Amazon Prime Rewards Visa Signature Card (Chase) and PayPal Cashback Mastercard (Synchrony Bank) jointly share the third position with a score of 636.
The J.D. Power 2023 U.S. Credit Card Satisfaction Study analyzed the responses of 31,418 credit card customers between the period of August 2022 through June 2023.
Overall, American Express has topped the charts with a score of 657 in customer satisfaction among credit card issuers irrespective of annual fees charged from customers.
Apple & Goldman Sach’s troubled relations
Despite bagging accolades, Apple Card has found itself surrounded by controversies lately. In July, a report by Wall Street Journal said that banking giant Goldman Sachs is planning to exit the partnership with Apple under which it offers Apple Card.
In November 2019, it was reported by Bloomberg that Goldman Sachs is facing a probe from regulatory authorities after allegations of gender bias in the algorithm that was used for determining the credit limit for applicators.
Then again, in 2022, Goldman Sachs announced that it is facing another probe from Consumer Financial Protection Bureau over Apple Card disputes.
Despite the rocky relationship, Liz Martin, Goldman Sachs’s head of Enterprise Partnerships said the following upon Apple Card getting the top position in JD power rankings, “With Apple Card, we have had a shared focus on delivering a great experience and providing value to our customers since the beginning. As we have brought new offerings and benefits to customers, we are honored to once again be recognized by them and J.D. Power.”