Apple revealed their new swanky credit card...Not going to lie seems pretty cool. First of all, how much of a success do you think this card is going to be? Do you think this collaboration is going to have a negative impacts for fintech and other finance companies?
There are a couple of nice features like protection if your card is stolen, or if the business is compromised, using location info to give you the proper name of the business instead of the registered LLC name that you may not recognize, no late fees. But, in my opinion, the upsides are limited. The biggest drawback being the reward points. Besides 3% on Apple products l, rewards on other categories are just not impressive. No automatic travel/rental car insurance as well. In terms of features and rewards it’s a mediocre card at best. Hopefully they fix this in the figure.
Everyone should get it!!! 😏
Get Quicksilver instead lol.
But...but.... titanium!!!
This is going to only increase the likelihood that Apple will be broken up by the Feds. It’s also damaging the Apple brand. Especially since the card is catered towards the lower middle class. I don’t think it will damage many fintech companies. Apple card won’t work for most people (android users). Most fin tech companies are just reinventing normal banking tech that comes built in with any bank account in pretty much any country other than the US. Square Cash for example shouldn’t need to be in another app. Likewise Venmo, and PayPal. Luckily, the bank owner Zelle is starting to fix this... slowly.
I disagree- often fintech companies aren’t really reinventing so much as they are making it considerably easier to get things done, and it happens that banks catch on and implement it close behind. Zelle wouldn’t exist without Venmo, which itself probably wouldn’t have existed if PayPal hadn’t come first. Granted some fintechs are full of shit- I’m skeptical of most companies that offer refinancing student loans since they’ve never offered me a better rate after I avalanched the hell out of my own loans. There’s also that stock trading app that offered a non-FDIC-insured checking account. With this, Apple’s basically trying to pull more businesses to accept Apple Pay, which frankly is a direction we should be headed in. Other countries are pretty ahead of us in the mobile payments space and aside from the security aspect virtualized card numbers, this is only just bringing us up to speed with truly modern payment architecture.
Lol no. Yawn benefits and to anyone with any real money and ability to cycle credit will just see it as your average store card. No thank you.
As long as Apple Pay works at Starbucks and Lululemon this is going to be a home run
Couple of issues: 1. This rewards structure is lackluster and is nowhere near a rich program. I get 5% back on my amazon card. Other travel cards give much more as well. Customers won’t use this as the primary card for that reason. 2. The reason why banks can profit from a rich rewards program has a lot to do with fees. GS likely won’t make much on this deal, and absorb all of the fraud (I’ll make a $1000 purchase, get the $20 daily cash and transfer, and return everything the next day). I should sign up for this just to be part of the inevitable class action lawsuit.
If you return anything your rewards go into negative, so you can only use it once!
The privacy features and on hand spend analysis are going to be best in class and I’m sure they’ll enhance them more. As a bare bones card it’s a reasonable proposition especially with the no or very low fees. I don’t think this will directly impact the rewards card hackers out there but will do very well in mass market, especially with people who carry balances. I think it’s a good way to diversify their income streams and will probably help with proliferation of pay pass terminals in the US.
People I know are enamored by the swanky metal credit card. Apparently, they never heard of AMEX platinum. It's going to be huge with the "fake rich" crowd.
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