Apple card

Isn’t it just another credit card?

Yes, the card looks cool, cash back is an easy to understand perk, and not having a physical card number is likely to improve security, but what about the other features?

  • Categorised spending? Cool, but not game changing. Similar features are available from other credit cards e.g. Amex (albeit not to the same level of detail).
  • Low interest rates? Doesn’t seem like it, “variable APRs range from 13.24% to 24.24% based on creditworthiness. Rates as of March 2019.” Not surprising as most credit card revenue is generated this way. Well, this and late fees.

So what if it is just another credit card? 💁🏻‍♀️

If you don’t already have a card that offers more than 2% cash back (or rough equivalent in rewards points), why wouldn’t you try the Apple card?

Apple cards are provisioned instantly (this is new) and mobile wallet cards are updated within hours with virtual cards when physical cards are lost or stolen (this is not new). And like every other Apple product, it’ll be a status symbol until the cards become ubiquitous enough to be just another card in your Wallet app and actual wallet.

With ~90M iPhones in the US, presenting a good enough to be competitive credit card option is likely result in a good enough business. I know I’ll be signing up for one 😏