At Apple Special Event on 25th March 2019 keynote, Apple Inc CEO, Tim Cook (Timothy Donald Cook) shared that the Apple Card is the result of years combined experience in delivering superior hardware, software, and service at Apply Pay. He shared that there is a compelling reason to start the service such as simple application, no fees, lower interest rates, clear reward programs, and privacy & security.
LotusCLUE
Mrs. Jennifer Bailey, vice president of Apple Pay at Apple Inc announced the launched a new financial service called “Apple Card” to the qualified consumers at the United States. The credit card is issued in partnership with Goldman Sachs Bank USA, Salt Lake City Branch. Apple Inc partnered with MasterCard to tap on to the network to make service available to merchants worldwide.
This is a smart credit card is will become native card to the Wallet, iPhone and Apple watch application upon successful approval and will be available to all Apple devices. The Apple Card comes with great value to users with the number of features. The accounting and transactional details on spending categories, balance, due in appealing colors, charts, names with merchant’s locations. The Apple Card service comes with great help services if there are any issues related to the transaction or overall experience. Mrs. Jennifer shared that the Apple Card comes with great reward called Daily Cash, 2% on daily spending and 3% on Apple Store purchase as cash back. There Apple Card comes with no yearly membership fees, no late fees, no international fees, no over-limit fees. The interest rate is calculated in real-time and will be of the low fee with multiple payment scheduling options. The Apple Card works with a special built-in chip on the iOS device to handle high-security. Apple propriety security features fingerprint or face-recognition authentication is used. Apple will maintain great privacy on customer data such as what you bought, how much you paid or where you bought it and will not learn about it.
Historically Apple Inc is the most innovative and disruptive in culture when it comes to its products and service. The Apple Card which is out of the box software, hardware and services sure to challenge traditional credit card issuing companies or financial institution who are, in a way less transparent to their customer in today’s FinTech and BlockChain context. It remains to be seen how the Apple Card will be adapted in the US and how soon Apple Inc will offer the services to other countries dictates on how the current industry players unfold in providing true value-based financial service experience to their customers worldwide.
Ref: Apple Special Keynote, 25th March 2019 & Apple Inc Media Release, Apple Card