Apple yesterday announced the launch of their take on a Credit Card with loads of iOS integration to monitor spend, make payments and make another step towards knowing your every move…
Apple announced 4 new things last night at their star-studded keynote last night – the most interesting of which was this new Apple Card which will be a new take on how a credit card should work.
There are a few cards like these already in the market (such as Revolut) with accompanying apps which analyze your data and provide reporting on spending etc. They work nicely but Apple’s ability to reach the masses is likely to mean a big shift in the credit card industry.
Apple’s new card is very much a Credit Card, it will exist physically (a very nice white, minimalist card – see below) as well as live virtually in your Apple Wallet for online purchases & in-store wireless transactions.
The app will allow you to see your purchases, check if you are spending too much on fast-food, pay your balance off (in a nice visual way) and also gather cashback on purchase to encourage you to spend even more.
The link to paying for things via Apple Pay is sure to be Apple’s main driver behind launching the card. Although a lot of people now use Apple Pay & the wallet, getting users to add their cards is a hurdle which this new card will simplify.
Apple’s move into credit cards is likely to cause a stir in the market and the ease at which users will be able to apply for a card will be unprecedented, so expect lots of signups as soon as it is launched. Be aware however that despite the lack of fees the card still has a healthy APR of between 13.24% & 24.24% for those of you that don’t always manage to pay on time. You have been warned!