Presented during the last keynote of Apple, the Apple Card is already shaking the banking sector. Already present on this market with its Apple Pay feature, the California firm disrupts codes with a credit card ahead of its time.
The first rumors about a credit card made in Apple appeared last February, but few people believed. However, the Californian firm did it well. It partnered with Goldman Sachs Investment Bank and MasterCard to develop a revolutionary credit card. During the March 25 conference, Tim Cook CEO and Jennifer Payey, vice president of Apple Pay, have repeatedly listened to the benefits of this new payment method, but is the Apple Card really so interesting?
Technology at the service of the customer
It is true that the credit card has good arguments. The association Apple and Goldman Sachs offers a product at the forefront of technology and banking. Available in digital – through an application – and physical, the Apple Card allows customers to track the history of its transactions at any time, as was already the case on Apple Pay, but it also offers users to know the location of purchases made via Maps. A good way to ensure the traceability of expenses.
In addition, each purchase is recorded by color according to its category (entertainment, shopping, food and drinks). It is thus possible to follow the total expenses for this or that category over the week or the month.
The application has really been thought to work on iPhone and it feels. Consumers will have access to all their expenses and will know where, when and where they were made. What offer an accurate and real-time overview of its purchases.
Cash back and zero hidden fees
Although this is a credit card, the California firm ensures that no activation fee, use (monthly or annual), nor delay will be charged to the customer. But the most interesting argument that could convince many consumers to take the plunge is the cash-back system put in place.
The principle of cash-back is simple and has existed for a long time now, but is not offered by all banks. Here, the Apple Card offers it in several versions. With each purchase made with the physical credit card, the buyer will receive 1% of the amount of his purchase back, in cash directly to his account. The percentage increases to 2% when shopping with the digital card – or Apple Pay – and 3% for purchases made on all Apple infrastructures (online store, Apple Store, App Store, iTunes). No limit per day is imposed.
Note that this is a credit card, so it is necessary to bail out or refund the expenses made with this card. But here, Apple offers to determine what is the most interesting day to repay your debts based on the interest rate.
10 years ahead of the banking sector
Beyond these positive points for the consumer, the Apple Card is positioned far ahead of other credit cards traditional banks. Good points on the bottom, but also on the form.
At first, the interface of the application is stylized, clean and easily readable, aspects to which the Apple has always accustomed us.
We do not find the visual quality and the same type of information – as easily in any case – on the applications of other banks such as Belfius or CBC. The interface of the Apple Card is clear and precise, but it also centralizes everything without the need for other applications.
In a second time, the physical version of the Apple Card seems to come from the future. In titanium, we find once again the leg of the Apple in its sleek style. It contains only the bare minimum of information, namely the name and first name of its owner and is, therefore, more secure than other traditional credit cards.
The physical version of the Apple Card is useful in institutions where Apple Pay is not available because it includes a MasterCard chip that allows it to pay anywhere without the risk that his data are copied by a curious. You can also pay online with it, just copy the virtual card number in the wallet application.
An Apple signed strategy
We can imagine that the Apple Card will have some success after its launch in the summer of 2019 simply because it is an Apple product. Beyond the need to have a credit card, the Apple Card is a product apart from that many will want to get. It is different from what we are used to seeing and bringing many benefits to consumers, beyond the prestige that comes with all Apple products.
Do we really need it?
Although interesting, one might wonder if the Apple Card is really necessary. This credit card is an opportunity for Apple to diversify its services, a strategy it has clearly established during its keynote.
Today, the payment methods are numerous and one more is not really necessary. However, the concept is attractive, including the cash-back system and the lack of fees that can convince the consumer. This is where Apple could do well and influence traditional banks.
It will take a few more months before seeing the Apple Card in action. Scheduled for this summer in the United States, it could be deployed in Europe in the course of 2019