Apple Card will roll out to additional countries, after US launch

Posted:
in General Discussion
Goldman Sachs International's CEO Richard Gnodde said that the Apple Card will see an international release, after an initial, focused deployment in the U.S.

Tim Cook introduces Apple Card
Tim Cook introduces Apple Card


Gnodde said that while the new Apple Card credit card there are no specific dates or timescales that he would share about the rollout, the card is part of his company's plans to extend its reach to new customers.

"We're going to start in the US," he told Elizabeth Schulze of CNBC, "but over time, absolutely, we will be thinking of international opportunities for it."

Gnodde said that Goldman Sachs partnered with Apple in order to create new ways to reach customers.

"It gives us a new distribution channel," Gnodde said. "Partnering with consumer-centric organizations, of which obviously Apple is a great example, [extends] our distribution opportunity. Apple provides that in a terrific way."

"We do think [Apple Card] will catch on quickly, absolutely," he continued. "It's got a great brand attached to it, obviously, and a remarkable organization. Together in partnership, we think we can achieve great things."

Customers will be able to sign up for Apple Card directly from their iPhone, using Apple Pay to perform transactions the same day after applying. Usable across all Apple devices owned by a customer, the service will be available to use worldwide.

To make it easier to manage the card's usage and to have a "healthier financial life," the Wallet app is able to show where the card has been used, including images on Apple Maps showing the location. Machine learning will also be used to identify where purchases are made, in theory making it easier for users to track compared to a standard credit card statement.

Weekly and monthly spending habits are also offered, so users can rein in their spending if they are using it too much. Spending will also be tracked by category, advising where expenditure has increased or gone down over the last month.

According to the card's terms, interest ranges from between 13.24 percent to 24.24 percent, depending on qualifiers.




Mikesmith2738

Comments

  • Reply 1 of 9
    racerhomie3racerhomie3 Posts: 1,152member
    I think this will be apples sleeper hit
    beowulfschmidtapplesnorangesrepressthisentropyschasmequality72521watto_cobra
  • Reply 2 of 9
    brucemcbrucemc Posts: 1,532member
    Hoping that Canada is on the next list of countries, although I don't know if their current operations in Canada (investment banking for the most part) would allow them to offer a credit card.  A great option to use for purchasing Apple products and services with the 3% cash back.
    chasmwatto_cobra
  • Reply 3 of 9
    davgregdavgreg Posts: 431member
    Getting into bed with Goldman is like sleeping with a working prostitute- you run a very high risk of disease.

    Given how low the prime rate is, the range of rates for the card are simply usury- excessive and rapacious. A real revolution would have been to offer credit at a rate much closer to Prime. So Goldman gets the money for 3% or less, loans it to you for 13% (and up) and you get a 3% rebate- that is quite a spread.

    I see no value here.
    leftoverbaconlostkiwitokyojimuphilboogie
  • Reply 4 of 9
    macguimacgui Posts: 1,383member
    davgreg said:
    So Goldman gets the money for 3% or less, loans it to you for 13% (and up) and you get a 3% rebate- that is quite a spread.

    I see no value here.
    Nobody is going to pay you to use their card. At best they'll charge you less and make you think they're paying you. So no value anywhere, realistically speaking.

    The lack of fees could be a boon for some users. Though I suspect Apple Sachs will want an excellent FICO score before issuing a card, and fees wouldn't be much of a consideration.
  • Reply 5 of 9
    kruegdudekruegdude Posts: 340member
    davgreg said:
    Getting into bed with Goldman is like sleeping with a working prostitute- you run a very high risk of disease.

    Given how low the prime rate is, the range of rates for the card are simply usury- excessive and rapacious. A real revolution would have been to offer credit at a rate much closer to Prime. So Goldman gets the money for 3% or less, loans it to you for 13% (and up) and you get a 3% rebate- that is quite a spread.

    I see no value here.
    Bit of a stereotype there. 
  • Reply 6 of 9
    DAalsethDAalseth Posts: 689member
    brucemc said:
    Hoping that Canada is on the next list of countries, although I don't know if their current operations in Canada (investment banking for the most part) would allow them to offer a credit card.  A great option to use for purchasing Apple products and services with the 3% cash back.
    I could have sworn they said yesterday that it would be available immediately in the US and Canada.
  • Reply 7 of 9
    knowitallknowitall Posts: 1,425member
    Aah, mystery product is Apple Car .. d not Apple Car ...
  • Reply 8 of 9
    Goldman Sachs has a large presence across the world (https://www.goldmansachs.com/our-firm/locations.html) which implies that the card will be rolled out worldwide. In most cases of an Apple Service, Canada is in the first batch of secondary rollouts. The main problem with Canada, apart from a having separate regulators, is that some provinces (not so much the feds) have local language requirements. In Quebec bill C-11 says "Consumers of goods and services have a right to be informed and served in French." (http://legisquebec.gouv.qc.ca/en/ShowDoc/cs/C-11) Some other provinces don't have any linguistic requirement and some are less picky than Quebec regarding French. Only 20% of Canadians speak French (and half of those probably speak English as a second language) but Apple doesn't want friction, legal or political, so they will prepare their services in French before rolling out in Canada. Since there are 29 countries in the world where French is an official language (https://commons.wikimedia.org/wiki/File:Countries_where_French_is_an_official_language.svg), it's something they have to do anyway.
  • Reply 9 of 9
    davgreg said:
    Getting into bed with Goldman is like sleeping with a working prostitute- you run a very high risk of disease.

    Even with protection?
    watto_cobra
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