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Apple Debuts Apple Card To Transform the Credit Card Experience (venturebeat.com)
An anonymous reader shares a report: iPhone users are already using Apple's Wallet app, Apple Pay, and Apple Pay Cash -- wouldn't they like an Apple credit card, too? The Cupertino company and bank partner Goldman Sachs believe the answer is "yes," so they've teamed up for Apple Card. In addition to offering major rewards for users, the new payment solution promises to improve the credit card experience by offering a healthier approach to spending. The Wallet app will include a more transparent list of transactions, organized in an easy to read format, plus a more flexible way of making payments on outstanding balances.
Apple Card is designed to complement existing Apple-branded payment options, as well as displacing other credit cards that might be in a user's wallet. Though the end goal is to increase Apple's share of the dollars spent by its users, the pinch this time will be felt by rival payment providers, and come with incentives for new card users. Every time you spend with Apple Card, you get 2 percent cash back -- a feature the company calls Daily Cash. Purchases directly from Apple come with 3 percent cash back.
Apple Card is designed to complement existing Apple-branded payment options, as well as displacing other credit cards that might be in a user's wallet. Though the end goal is to increase Apple's share of the dollars spent by its users, the pinch this time will be felt by rival payment providers, and come with incentives for new card users. Every time you spend with Apple Card, you get 2 percent cash back -- a feature the company calls Daily Cash. Purchases directly from Apple come with 3 percent cash back.
I guess when a company runs out of good ideas (or their idea cash cow dies) this is the next best way to limp along.
This was a shark jumping presentation, pretty much "Well, we're out of Software and Hardware ideas so... here's services?".
Funny, you know, I"ve found it entirely possible to pay my monthly credit card bills in full, and never have to pay a cent in interest fees.
I also have some protection on the purchases, and I often get cash back, etc on my purchases which help with the costs of things.
You've never heard of this "personal responsibility' things and "self-control' nor budgeting?
Did your family and even schools teach you nothing about money management?
Earning a dollar is hard, you need to be careful in how you save and spend them.
However, it isn't rocket surgery.
Light travels faster than sound. This is why some people appear bright until you hear them speak.........
... transaction details with third parties."
BAHAHAHAAHAHAAAAAA
Good one.
They're proud to announce their titanium card doesn't show the number or expiration date which makes it more safe, but which is required to make online purchases.
Now my iPhone will let me use apple pay with some online vendors (papa johns) and I PRESUME that, via Safari, I'll be able to access the Apple Card in someway to get that info. But if I'm on my Windows machine? I think I'm SOL... by design?
Think different.
Monopoly on WHAT, exactly?
They're not the only one selling computers.
They're not the only one selling cell phones.
They're not the only one selling tablets.
They're not not the only place to try to sell your apps
They're not the only place from which to buy/rent media of various kinds.
What exactly are they supposed to have a monopoly ON? Apple didn't invent vertical integration, nor is it the only company that profits from it. It also isn't a monopoly.
That blows. I have 3 credit cards, all of which have interest rates of 8% or lower. When did high teens to low 20s for interest rates become average?
I remember back in the '90s getting my first "student" credit card with a 19.99% APR or so, something unreasonably high that was justified by the banks as "we're giving you credit and you have no credit history." That's now the new normal, though.
But they result in everything costing 3% more, whether you use them or not. We are effectively handing over 3% of our entire economies to credit card companies. Does that sound sane?