Simplicity, transparency and privacy. Those are three things that many customers don’t always associate with their credit cards. Apple started rolling out its Apple Card today, an effort to transform and simplify everything about credit cards and create a more convenient experience for customers.
A Simpler Credit Card
Apple Card is an effort to create an accessible credit card that is quick and easy for customers and builds off existing Apply Pay features. Users simply enter a few personal details, which are sent to Apple’s partner Goldman Sachs, and get notice of their approval within a minute. The card is instantly usable in Apple Wallet, and customers can also request a physical card in the mail. The physical card doesn’t have a number printed on it for extra security, and it doesn’t have an annual fee.
Apple Card integrates with Apple Wallet to give users an accessible view of their spending. Leveraging machine learning, the app color codes transactions for a visual dashboard of spending trends broken down by day or month. In an age where many consumers are concerned about their privacy, Apple also says it doesn’t see any customer data and that all transaction information stays on the phone.
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Apple Card also comes with a simple rewards program that offers 1% cash back on all transactions and up to 3% back on Apple purchases. Rewards are put in the account the day after a qualifying transaction. Daily rewards are meant to go against traditional credit cards, which typically reward customers on a monthly or quarterly basis.
Move Towards New Services
Apple Card signifies a transition away from services on devices. iPhone sales are slowing, showing that customers might have hit fatigue about the popular devices. Instead, Apple is moving its technology to other formats by investing in things like smart home devices, a streaming service and Apple Music, in addition to Apple Card. These services pair well with iPhones, but they can also be used other devices. Apple’s move towards services allows a wider base of consumers to experiences the products and creates more personalization for customers looking to use Apple services in other ways
Date: August 07, 2019