The service is simultaneously praised for its convenience and criticized for the conditions for receiving bonuses.
On August 6, Apple launched Card , a virtual credit card with a daily cashback, free maintenance and in-app management. Goldman Sachs is responsible for the banking part, while Apple provides a mobile service.
While Card is available only in the USA and is unlikely to appear in Russia. In America, Apple launches the service gradually: on August 6, it was accessed only by random users, which the company chose. collected the first impressions of journalists and ordinary users of a credit card, and also figured out how it works.
How Apple Card Works
To issue a card, just enter the data into the Wallet application. Most of the information is automatically pulled from AppleID: users will have to enter the income level and the last four digits of the social security number.
Goldman Sachs will process the information in real time and give an answer: Apple claims that the activation of the card takes less than a minute. If approved, users can also order a physical titanium card for free – it will come in handy in places in the United States where there are no contactless payment terminals.
After activating the card, you can immediately pay in stores. Until the first waste, it will be completely white, and then it will begin to be painted in colors corresponding to the categories of expenses. For example, if the owner paid only in cafes and restaurants, then his card will turn orange.
Terms of service and cashback
Apple encourages users to use contactless payments instead of a physical card. With a titanium Apple Card, the company refunds with cashback only 1% of all payments, and when paying with Apple Pay – 2% of all purchases and 3% for expenses in Apple stores and services.
Unlike many American banks, Apple pays cashback daily, and the card is completely free. The service does not provide late fees, transaction fees and service charges. In case of delay, the user will have to pay only a percentage for the loan: depending on the credit rating, this can be from 12.99% to 23.99% per annum of the amount owed.
However, the main feature of the Apple Card is in a convenient mobile application where users can monitor statistics and contact support directly through iMessage. In addition, Apple made a big emphasis on privacy at the presentation: the company promised that it would not collect payment information and sell it.
Apparently, while Apple launched the service for only a small fraction of users. However, while the reviews on social networks are mostly positive: users praise the Apple Card for the transparency of conditions and the user-friendly interface of the application, which many other banks in the USA do not have.
“My bank: send SMS for activation, get SMS back, go to the nearest ATM and figure out where it is possible to activate the card in the menu, enter the SMS that you received, pray so that everything works”
“I can say that over the few days that I have an Apple Card, I began to think 10 times more about interest rates, the balance sheet and how much I pay and how not to overpay. This has not happened with any other card. ”
“Glad to see that the Apple Card began to launch on the first wave of users. I took advantage of it and even reported the first internal bug before the public launch, and so far so good! ”
Many separately noted the ease of obtaining a card. Typically, Americans receive credit cards in the mail and wait from a few days to weeks, and the Apple Card can be issued in a couple of minutes.
“Getting an Apple Card is as easy as you would expect from an Apple service. Setup takes two minutes or less. “
The first impressions of most journalists were mixed. They also praised the user-friendly interface of the Apple Card, but did not find financial benefits compared to products of other banks.
TechCrunch chief editor Matthew Panzarino said he usually uses multiple cards with different reward systems to get the most out of it. For example, a separate credit card for traveling, but it won’t work out with an Apple Card.
You will not be able to use the Apple Card in the same way. Instead, Apple decided to use a more transparent reward system: cashback is based only on the percentage of your spending in three categories.
Matthew Pantsarinoc hief editor TechCrunch
At the same time, Pantsarino was pleased that Apple immediately calculates and credits cashback in cash – and you do not need to perform any additional steps to get it. In his opinion, this should become an industry standard.
The Verge Editor-in-Chief Nilay Patel was pleased with the service. He liked the way the application shows expenses and accurately structured transactions. At the same time, he recalled that this is still a credit card: it is easy to open, and to close it you will have to call Goldman Sachs by phone.
The Apple Card reward program is slightly poorer than other premium cards that provide lounge areas at airports and concierge services. But Apple believes that the simplicity and speed of receiving a cashback will attract customers who are tired of complicated bonus schemes, while the possibilities of financial health and payments will work for everyone else (mainly for people with less money).
Nilai Patel chief editor of The Verge
Wired senior editor Arielle Pardes did not impress the Apple Card . In her opinion, it is not too different from existing products and Apple needs it more to develop the ecosystem of its services.
If all this sounds a little boring, remember that this is just a credit card. Apple has not yet invented the money again.
At the same time, Pardes believes that the card does have several convenient features. Among them, lack of service, daily cashback and online chat with support through Messages.
But don’t let the brilliant titan fool you. This is not just a way to replace a credit card that you already have. This is part of Apple’s plan to replace the physical wallet with a technology solution that lives inside its software and hardware ecosystems.
Apple puts credit card trouble in a beautifully designed interface. This will not change your financial life, but will make it easier to look at it.
Ariel Pardes Senior Editor, Wired
The author of the OneZero blog has released material with a clear comparison of the main advantages of the Apple Card with products of other banks. It turned out that in almost all cases, competitors have similar or the same solutions, but no one has the same transparent conditions.
9to5Mac editor Chance Miller (Chance Miller) was very impressed with the way Apple Card processes transactions. According to him, many banks display messy ID numbers of outlets, and the Apple service shows the clear name of the store and the location where the purchase was made.
Miller also praised the cashback system and budget accounting features. He expressed the hope that other companies would add these capabilities.
The Apple Card is definitely an interesting phenomenon in consumer lending. Many of its advantages are unique to the owners of iPhones and are deeply integrated into iOS, so it will be difficult or impossible to repeat them to competitors.