Apple Card: Insights to Estimate ARPU and Sign Up Percentage

• The Apple Card was launched in August, 2019.
•  Apple is partnering with Goldman Sachs for the Apple Card.
• Roughly 3.1 million Americans have the Apple Card.
• In early 2019, prior to the Apple Card launch, Forbes estimated that the total revenues of the card partnership could stand at about $1 billion in 2020.
• Based on the estimate of $1 billion in revenues and the estimate of 3.1 million co-branded credit card holders, then the (annual average revenue per user) ARPU could be estimated at $322 (1 billion/3.1 million), and a monthly ARPU of about $26($322/12).
• There are about 190 million iPhone users in the U.S.
• Therefore the sign-up percentage for the Apple Card in the U.S. could be roughly estimated at 1.6% (3.1million/190 million*100).
• In November 2019, consumers with the new credit card had already run up $736 million in loan balances 6 weeks after its launch.

Summary of Findings

• From our preliminary research, it appears that there is no precompiled information on average revenue per user and the proportion of sign ups for the co-branded credit card programs for Apple, Disney, Amazon, Whole Foods (the Amazon Prime Rewards Visa card), BMW and Jeep.
• To provide the requested information, we suggest continued research to search for the precompiled data, or to use available data points to triangulate estimates of this information.
• We will assume a U.S. focus.