Breakingviews - Apple Card puts customer first, Goldman second

Breakingviews - Apple Card puts customer first, Goldman second

Breakingviews - Apple Card puts customer first, Goldman second

Apple introduces the Apple Card in the March Event 2019 for iPhone.

The biggest benefit of the Apple Card is that it is deeply integrated with the Apple ecosystem, including the Wallet app and iPhone. The company has partnered with Goldman Sachs to make its first credit card a success.

The Apple Card pays 2% in cash back on Apple Pay transactions, 3% on Apple product purchases, and 1% on purchases made with the physical card.

"Apple Card is created to help customers lead a healthier financial life, which starts with a better understanding of their expenditure so they can make smarter choices with their money, and have a better understanding of their financial life", Bailey added.

Moreover, the cash back will be deposited into a user's Apple Cash card at the end of the day. And it really is cash. Using a credit card to send a person-to-person payment is considered a cash advance, and credit card companies are known to charge exorbitant fees and interest rates to use the feature.

Activating or pairing the Apple Card is very similar like pairing your AirPods with iPhone ie; just bring your card closer to an unlocked iPhone and the card pops up and will activate same as like AirPods. Much like its Apple Music offering, there will also be specialised AI applications at work to provide users with a curated list of reading material that has the highest probability of matching the user's preferences.

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Apple also joins a crowded market, and it's not clear how many more monthly subscriptions people have the money and the bandwidth for. How much the Apple TV platform has struggled to attract gamers in the past.

Which the company has finally launched as "Apple Card". It will also be up against the likes of Netflix or Amazon Prime Video in the process though the one thing Apple has in its favor is that it has the resources to hire some of the best talents in the industry, and hopefully they are able to deliver some blockbusters too. This card will run in places where Apple Pay will not support. Gamers can choose titles and play them either on Mac, iPhone, iPad, and even their Apple TV. This is a Next Generation Credit Card, in which the company has launched a lot of advanced features.

Although full details remain scarce we do know some of the names that will be producing and staring in its content. The Apple Card is a virtual credit card completely transparent and independent of any banks.

There's been a huge boom in online movie and TV content over the past few years and Apple clearly wants to take a bite out of this ever-growing market.

The good: Apple's new game subscription service, which will launch this fall, will be free of ads and in-app purchases, which can quickly add up and have become common in mobile games. The unusual thing is that in order to muscle in on a competitive industry, issuer Goldman Sachs has tossed aside numerous features that make the card business lucrative for banks in the first place.

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