Apple Card is more about status than technology..
I for one have no issues with the Apple Card but despite the big announcement today’s release was more about Apple’s added a physical ‘credit card’ to their wireless Apple Pay function. Does it defeat the purpose of Apple Pay technology?
Since the release of their Airpods, the tech company understands they are a symbol of status & in order to create a profitable product line they would need to get into finances with the least possible effort. Apple’s new Apple Card is going to cash in on their stans for devices that cater to social status. This being a credit card built into the Apple Pay wallet app as another payment option where the card would be used anywhere Apple Pay is not currently accepted. Apple said at the announcement on Monday, Apple Card customers will earn 2% cash back on card purchases made via Apple Pay and 1% on those made on the physical card.
It is the first credit card offered by Goldman Sachs and will use MasterCard’s payment network. The upside to Apple Pay, is that there will be no fees of any kind on Apple Card: no late fees, no annual fees, no charges for international transactions, and no fees for going over the credit limit.