Apple Releases Apple Card, The Credit Card of the 21st Century
If you, like me, have completely drank the Apple kool-aid and cringe at the thought of even touching an Android or PC, you’ll be happy to know that within a month, you can add another Apple product to your roster: Apple Card.
Apple Card is the tech giant’s cutting edge take on a credit card, backed by Goldman Sachs. The new product, created to embody “the power of the iPhone, in a credit card,” exhibits key values of the company, such as seamless design and an intuitive user experience. The card is intended to be primarily virtual as it is compatible with Apple Pay, but a physical copy is also an option.
There are a few components that set this card apart from the rest, such as no fees — that’s right, no annual fees, cash advance fees, returned payment fees, or even late fees. The iPhone compatibility also allows a more customized experience than most, offering services like categorical spending tracking, the ability to trace your purchases on a map, interest calculators, smart payment suggestions that help you save the most on interest payments, payment reminder push notifications, and more.
On top of being among the lowest interest rates in the industry, there is also a ridiculously simple (of course it’s simple, it’s Apple) cashback program called Daily Cash: Depending on the type of purchase, users get 1–3% cashback immediately available to you in whichever capacity you choose, whether it is statement credit, deposit into your bank account, or to send to a friend.
This move for Apple comes at a time when iPhone sales are stagnant; people are just not upgrading as fast as they used to. The company is seeking to expand its reach by delving more into the software, versus strictly hardware, world, a precedented move after the massive expansion of Apple Music. Apple is extraordinarily protective of their position as one of the most influential technology providers in the world, so they are sure to adapt to what customers need, even if it means expanding from their traditional reach.
Though the Apple Card is being seemingly randomly made available to people who opted into the “keep me updated” list on their site, the product should be available nationwide by the end of August.
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