Apple has announced its newest Offering: Credit Card
It seems like Apple is rapidly expanding in new markets.
The latest expansion is in the finance industry. Apple announced the launch of Apple credit card yesterday and it has only become one of the biggest news of the town.
Apple financing is a bold move to enter the mobile payment market. The brand is among the first of the giants to take on payment cards which gives them an unprecedented edge. The digital Apple credit card can be used to pay for goods and services online as well as in stores.
In the event in which the Apple store credit card was announced, the CEO of Apple, Tim Cook also shared some statistics on Apple Pay that made sense as to why Apple went for a payment card.
He mentioned how in 2019, Apple Pay is all set to reach 10 billion transactions. He even added that by the year end, Apple Pay will be made available in more than 40 countries.
The Apple Pay app is used by a large number of customers in the United States. About 70% of the retailers accept payment through Apple Pay in the US. However, Australia beats the US in numbers as there is a 99% acceptance rate for Apple Pay in Australia.
Now that we have seen the statistics and context that lays down the reason why Apple invested in this new business model, it is time to answer some questions.
What is the Apple Pay credit card?
The Apple card will allow users to make payments via card either online or in a store. The card will be available on Amazon for around $1,000 for iPhone users. While the Apple Pay app does not work in every country (something that the company is planning to change this year) the card, however, would be used in places where Apple Pay isn’t available. This means that anyone who signs up with Apple credit card application will be able to use the card in the digital or physical form.
Where can the Apple credit card payment be made?
As we mentioned earlier, Apple card can be used in both online and offline payment. Basically, any place in the world that accepts Mastercard will accept Apple Card as well. This is a piece of great news since most of the world is usually deprived of Apple’s latest products for a few years. Anyone who has an Apple Card can use it in stores, apps, web stores, etc. without any conditions.
How to apply for an Apple credit card?
In the Wallet App, there will be a signup option for Apple Card and you can start by tapping it. Once you begin the process, Apple will walk you through the entire process. *This is what we are guessing since we haven’t actually gone through the process.
There is another question from users side about the credibility of a user. Apple hasn’t mentioned anything about how they will be checking each applicant’s credibility. But Apple did say that if a user is approved, they will be eligible to use the Apple Credit card within a couple of minutes.
How will Apple card help users?
One of the reasons why Apple went into the card payment business is the dream to get into the payment sector that no giants have touched yet. But it’s not the only reason. The Apple Card will also help users track their finances. Apple will show how the users have spent their money in a simplified way with the help of visuals. Apple also uses its Maps functionality to show users where they spent their money and this is done by machine learning which connects the dots to record the information.
Apple Card also comes up with rewards for the users. Unlike most company’s points rewarding system, Apple has come up with a different program. The program is called ‘Daily Cash’ and it gives back every dollar that the user has spent in the form of cash.
Here is the percentage of what the users will get when they make any purchase:
- 1% when the physical titanium Apple card is used.
- 2% when the Apple Card (digital) is used.
- 3% when you buy directly from Apple with the Apple Card (digital).
The track record is kept through the card in the Wallet app. There is also the condition that you can’t earn back unless you spend enough. If you are spending within the credit limit then you can’t earn anything back. For instance, if you have spent less than or equal to $3000 then you won’t be earning anything.
So, this was our take on Apple’s latest Credit card. Stay tuned for more from the world of technology.
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