On Monday, March 25 Apple hosted a special event at the Steve Jobs Theater in Cupertino, CA, announcing some major updates. The live-streamed event featured insights on the new video subscription service, a revolutionary way to experience gaming, and the premier of the company’s very own credit card. In Apple’s traditional fashion, the presentation was packed with creativity, enticement, and visionary topics.
One of the most controversial topics from the event was the introduction to the Apple Card. Not to be confused with Apple Pay, the Apple Credit Card is a separate entity that will be featured in the Wallet App. Like most credit cards, the Apple Card will offer reward benefits on purchases and innate insight into the users personal consumer behavior. The “cardless” payment option is considered a game-changer, according to executive office Tim Cook.
“It represents all the things Apple stands for. Like simplicity, transparency, and privacy.”
The significance that differentiates Apple Card compared to a traditional credit card is the cohesiveness to Apple’s smartphone functionalities. Any purchase made with the Apple Card will be stored in data located in the Wallet App. At any time users can pull up transactions or filter by date, location, and even category. The in depth visual analysis of everyday spending will help promote conscious consumerism effortlessly. Additionally, users will be given the flexibility to choose their interest rate.
As far as the rewards go, they are nothing too stimulating when comparing to other banking institutions. Apple will offer 3% cash back on any Apple purchase, 2% when using Apple Pay, and 1% when using the physical card. If a store or location does not accept Apple Pay, the physical card connected to your account can be used. This sleek design is made out of 100% titanium and can be used world wide.
“Apple Card completely rethinks everything about the credit card.”
To take on the role of a bank is a bold move for the company, and many professionals are on the edge about this. Whether Apple was influenced by Billy McFarland’s (co-founder of Fyre Festival) credit card design or not, Twitter users caught the connection fast. McFarland’s infamous credit card company and Fyre Festival has wrapped a negative connotation around his name and ideas. Apple’s and McFarland’s card designs are very similar, and that has many leary over the trust and security. However, one of Apple’s key notes was the emphasis on privacy. With the two-factor identification and numberless card, the security measures to protect user’s privacy have been well strategized.
Anyone with an Apple smartphone can apply for the credit card in the Wallet App once debuted Summer 2019. If accepted users can immediately make a purchase. Many questions are still up in the air, but Apple’s reputation of polished products leaves hope for no cracks in this unveiling.