What it is: Apple introduced a new credit card called Apple Card.
Most banks issuing credit cards try to nickel and dime customers with fees. They also charge exorbitant interest rates and print cryptic account statements so you can’t tell what you’ve spent or where.
In the past, Apple has tackled hardware problems by simplifying and eliminating problems. Now Apple has tackled the problem of credit cards with Apple Card.
Apple Card eliminates fees, increases cash back rewards to 2% (where most cash back credit cards offer 1% rewards), and also gives you access to your rewards daily so you don’t have to wait until the end of the month or lose track of your reward points.
Apple Card is basically Apple’s way of removing today’s current inefficiencies with credit cards and making them easier. This threatens nearly every other credit card issuer because there’s little reason to use an ordinary credit card when you could just use Apple Card instead.
Of course, Apple Card is limited to the iPhone or iPad so if you’re an Android user, you won’t be able to take advantage of Apple Card. This is simply Apple’s way of enticing more people to switch to the iPhone while also giving people a more secure way to pay and protect their privacy at the same time.
Apple Card is going to succeed because it improves upon existing solutions. It will give Apple money through additional credit card fees and it will entice more people to buy Apple products.
Apple’s future isn’t just the iPhone any more. It’s services, and Apple Pay with the Apple Card is just the beginning.