Apple Inc (NASDAQ: AAPL)-branded credit card, which once faced allegations of discriminating against women, has reportedly found strong support from that demographic.
What Happened: The Apple Card, underpinned by Goldman Sachs Group Inc (NYSE: GS), now has 6.4 million cardholders on its rolls. The card has evoked strong interest among women, Forbes reported.
The number of cardholders has more than doubled, according to a survey carried out by Cornerstone Advisors.
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While at the beginning of 2020, 25% of Apple’s cardholders were women, by December that figure had reportedly grown to 42%.
The implication is that 80% of new Apple Card customers in 2020 were women, as per Forbes.
Why It Matters: In 2019, the card faced allegations from a tech entrepreneur who said on Twitter that his wife was given a lesser credit limit than him even though they filed joint tax returns.
Apple co-founder Steve Wozniak also complained of a similar issue in response to the entrepreneur’s tweet.
An inquiry by the New York State Department of Financial Services subsequently found that the card didn’t put women at a disadvantage, as per Bloomberg.
See Also: Apple — Highlighting Commitment To ‘Diversity’ — Says Siri Will No Longer Default To Female Voice
Last month, the Tim Cook-led company expanded the Apple Card allowing two people to “co-own” a credit card, as per a company statement.
The iPhone maker also added the ability for up to five people to share an Apple Card account as long as they are part of the same family and are 13 years or older.
Price Action: Apple shares closed 0.2% higher in Wednesday’s regular session at $128.10.
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