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Apple enters the credit card market

by Thomas
Apple Card

Cupertino company has always amazed us with its revolutionary products, from 2019 Apple enters the credit card market.

I talked about it only now also because I waited a while before commenting on this product, Apple Card belongs to the Mastercard circuit and was created in partnership with Goldman Sachs. This credit card is in addition to the payment system built into Apple Pay devices, but in my opinion it’s a strategic novelty.

It’s now clear that Big Tech is in charge: Amazon, Apple, Microsoft, Google and Facebook, have the power both technologically, but the most important fact is that they own users’s data. What does this entry to the market allow Apple to do?

If the goal of Apple Card is to simplify the experience when buying, in my opinion it is a way to create your own financial network by eliminating intermediaries (no commissions).

I think Cupertino giant wants to become a digital bank in the future, make this point, millions of people have an iPhone, iMac, iPad if instead of using bank credit card they paid everything with Apple how much would they save?

Beware, it’s not over, Apple could make credit to its customers without adding interest and maybe one day become a real “tech” bank by wiping out the competition.

Now let’s go into the details about how it works and what the Apple Card offers:

  • You have to subscribe to Apple wallet service where you can have both virtual and physical one shipped home
  • 3% cashback program on Apple products (Apple Store/www.apple.com, iTunes, Apple Music) and partners (Uber, T-Mobile, Nike, Walgreens, Duane Reade)
  • 2% cash back on every transaction through Apple Pay

Apple is famous for keeping its customers’ data private, you will already know but I want to remember it so also Apple Card has all the features to protect the privacy of the owners. Making it more secure is the requirement to type in Pin number and a dynamic security code that must be approved by Touch ID, pass code, or Face ID.

Another peculiarity of the Apple Card is that it does not have: numbers above, expiration number and behind the card there is no security code, so if you lose it or steal it they will not be able to shop or manipulate the information (name, last name, security code).

If you lose your credit card, you can lock from your smartphone and apply for a new one directly in your wallet. Don’t worry that transactions won’t be audited by Apple and Goldman Sachs can’t interfere using your data for promotional purposes.

Apple Card will be successful among brand lovers because it has millions of customers worldwide, has no transaction fees, has a very interesting cash back program on various purchases (2%/3% as mentioned before) and finally privacy and security guaranteed by the Cupertino company.

We are at the beginning of a new era, a few years ago it seemed impossible to think of having in hand a tool with so many features signed Apple , today it is possible, who knows in the future…


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