The real question is not how many said they would apply for it, it’s how many people actually do apply for it. The number of people expressing intent is always significantly higher than those that follow through, but I assume JD Power has past comparisons. Then again, maybe not. The Apple Card is rather unique in many ways, and I can’t really think of a recent comparison. Banks come out with new cards all the time with some tweak or another and we’re all pretty numb to them by now. In addition to the standard bank cards, pretty much every ’traditional’ company has a credit card - GM, Macys, Delta, etc. The Apple Card looks different, comes from a different and high-profile company and does have some different features.
It will be interesting to see what the true interest turns out to be in a year or so. Hopefully it goes well.
Apple partnered with Barclay many years ago for a CC and it never had any of this. This is different, abd unlike other Apple products it’s free to obtain.
Many of Apple's products stay inside the home or are invisible (computers, services). But the Apple Card is typically carried outside the home and thus can be a carryable status symbol. If I can get one, here in Canada, it will certainly be the front card in my wallet.
Mine won’t be carried on my person. I have no internet in using it for 1% rewards and carrying another card defeats the purpose of moving towards a digital wallet.
The real question is not how many said they would apply for it, it’s how many people actually do apply for it. The number of people expressing intent is always significantly higher than those that follow through, but I assume JD Power has past comparisons. Then again, maybe not. The Apple Card is rather unique in many ways, and I can’t really think of a recent comparison. Banks come out with new cards all the time with some tweak or another and we’re all pretty numb to them by now. In addition to the standard bank cards, pretty much every ’traditional’ company has a credit card - GM, Macys, Delta, etc. The Apple Card looks different, comes from a different and high-profile company and does have some different features.
It will be interesting to see what the true interest turns out to be in a year or so. Hopefully it goes well.
The difference between this and other Apple products is that it's basically a free service. Sure there are credit score implications, but for the type of consumers Apple actually wants applying for a new credit card is completely free. And Apple is making it trivially easy for iPhone users to apply. Therefore the intend-to versus actually-do ratio will be very very positive.
"Of the US consumers surveyed, 38% were aware that Apple Card was coming."
That's an incredible number. I would have expected that if I asked around my (white collar) office, maybe 10% would have been aware that Apple is rolling out a credit card. Nearly 2 out of every 5 being aware of it before it's actually available is a testament to the value of the Apple brand.
Apple Card is really a non-card. If you want to take advantage of the one feature that anyone really cares about (cash back) then you will use Apple Pay to achieve that goal. The shiny (or matte finish) titanium card is the window dressing for your physical wallet, Apple Pay just got a lot better.
There is little chance that that titanium marvel will ever see anything but the inside of my desk drawer. For the few times that I do not use Apple Pay I will use one of my other cards that pay more than 1%.
Apple Card is really a non-card. If you want to take advantage of the one feature that anyone really cares about (cash back) then you will use Apple Pay to achieve that goal. The shiny (or matte finish) titanium card is the window dressing for your physical wallet, Apple Pay just got a lot better.
There is little chance that that titanium marvel will ever see anything but the inside of my desk drawer. For the few times that I do not use Apple Pay I will use one of my other cards that pay more than 1%.
The card I currently have is 1.5% cash back. I might sign up for the Apple Card just to use it for Apple Pay and App Store/iTunes transactions. I wish the iPhone upgrade program monthly payments qualified for the 3% cash back though.
Be cool if a purchase of AAPL stock qualified for 3%. :-)
Apple Card is really a non-card. If you want to take advantage of the one feature that anyone really cares about (cash back) then you will use Apple Pay to achieve that goal. The shiny (or matte finish) titanium card is the window dressing for your physical wallet, Apple Pay just got a lot better.
There is little chance that that titanium marvel will ever see anything but the inside of my desk drawer. For the few times that I do not use Apple Pay I will use one of my other cards that pay more than 1%.
2%
His statement is correct as stated. For the times when he's not using Apple Pay the Apple Card will only offer 1% cash back, save for Apple Store purchases, so his other physical cards which offer better than 1% will be used.
Apple Card is really a non-card. If you want to take advantage of the one feature that anyone really cares about (cash back) then you will use Apple Pay to achieve that goal. The shiny (or matte finish) titanium card is the window dressing for your physical wallet, Apple Pay just got a lot better.
There is little chance that that titanium marvel will ever see anything but the inside of my desk drawer. For the few times that I do not use Apple Pay I will use one of my other cards that pay more than 1%.
2%
His point is that he'd use the card for Apple Pay where you get 2%, but why pull out the Apple Card from the your wallet when Apple Pay isn't excepted, since it only pays 1% under those circumstances (and he has other cards that pay a bit more). Fair point. The counter argument is the security of not carrying a card with exposed numbers is worth 0.5%. Shrug.
I have a love-love relationship with my current financial services firm (USAA), so I'll certainly keep using that credit card, but I'll probably carry the Apple card as my backup.
Many of Apple's products stay inside the home or are invisible (computers, services). But the Apple Card is typically carried outside the home and thus can be a carryable status symbol. If I can get one, here in Canada, it will certainly be the front card in my wallet.
Mine won’t be carried on my person. I have no internet in using it for 1% rewards and carrying another card defeats the purpose of moving towards a digital wallet.
Then you'll have to carry cash instead -- because not every place takes ApplePay. Especially gas stations (where it is most needed!)
Many of Apple's products stay inside the home or are invisible (computers, services). But the Apple Card is typically carried outside the home and thus can be a carryable status symbol. If I can get one, here in Canada, it will certainly be the front card in my wallet.
Mine won’t be carried on my person. I have no internet in using it for 1% rewards and carrying another card defeats the purpose of moving towards a digital wallet.
Then you'll have to carry cash instead -- because not every place takes ApplePay. Especially gas stations (where it is most needed!)
Deal-breaker for many people - the Apple Card will not be able to sync with budgeting apps like Mint.
Hum. Perhaps Apple will enter that services market as well.
This is likely something GS needs to add. Their Marcus service is fairly new and has yet allowed access QB, Mint, etc.
It would seem to be a natural fit for Apple, a company that seems to be quite committed to protecting its customers' data. There is likely a business model for Apple to offer traditional banking services on their platform as an enticement to buy more Apple products. I'd certainly be interested in an Apple checking account and brokerage services.
Back to the article, it's not surprising that interest is high. As an Apple product and service, it's a given that it will get tons of publicity, even though much of it is, as always, FUD.
But even as FUD, it garners attention, and some consumers will dig a little deeper and make an informed decision with respect to their circumstances. Because not everybody who'll apply for it is a diehard Apple fan who gets everything Apple.
Back to the article, it's not surprising that interest is high. As an Apple product and service, it's a given that it will get tons of publicity, even though much of it is, as always, FUD.
But even as FUD, it garners attention, and some consumers will dig a little deeper and make an informed decision with respect to their circumstances. Because not everybody who'll apply for it is a diehard Apple fan who gets everything Apple.
The interest rates are not high. 13-25% was the range I’ve seen published, which is completely in line with the rest of the industry. 25% is high, but if you have bad credit, that’s what you get and that’s what every other credit card will charge you.
Back to the article, it's not surprising that interest is high. As an Apple product and service, it's a given that it will get tons of publicity, even though much of it is, as always, FUD.
But even as FUD, it garners attention, and some consumers will dig a little deeper and make an informed decision with respect to their circumstances. Because not everybody who'll apply for it is a diehard Apple fan who gets everything Apple.
iKnockoff morons are already calling it a "scheme" to rip off customers. While conveniently ignoring the other 99.9% of card issuers.
Deal-breaker for many people - the Apple Card will not be able to sync with budgeting apps like Mint.
Hum. Perhaps Apple will enter that services market as well.
This is likely something GS needs to add. Their Marcus service is fairly new and has yet allowed access QB, Mint, etc.
It would seem to be a natural fit for Apple, a company that seems to be quite committed to protecting its customers' data. There is likely a business model for Apple to offer traditional banking services on their platform as an enticement to buy more Apple products. I'd certainly be interested in an Apple checking account and brokerage services.
Yes, there are no great personal financial applications out there -- Quicken is the best, but clunky and quirky.
But, it's still the best out there. If the Apple Card will not download transactions to it, the Applecard is a non-starter for me. But that would surprise me. It's become pretty standard for finance sites from banks to brokerages to credit cards....
I think one thing that wasn’t mentioned is you get 3% cash back on all things Apple online, like iTunes, App Store, Apple Music etc., if you put this card to be a default card for iTunes.
..and I agree with someone above, the best selling point of this card is not cash back but convenience and security.
Deal-breaker for many people - the Apple Card will not be able to sync with budgeting apps like Mint.
Hum. Perhaps Apple will enter that services market as well.
This is likely something GS needs to add. Their Marcus service is fairly new and has yet allowed access QB, Mint, etc.
It would seem to be a natural fit for Apple, a company that seems to be quite committed to protecting its customers' data. There is likely a business model for Apple to offer traditional banking services on their platform as an enticement to buy more Apple products. I'd certainly be interested in an Apple checking account and brokerage services.
No, it is not about privacy. After all, to my knowledge, Intuit has not had concerns or issues with privacy. It is about locking users into and only into the Apple ecosystem.
Many of Apple's products stay inside the home or are invisible (computers, services). But the Apple Card is typically carried outside the home and thus can be a carryable status symbol. If I can get one, here in Canada, it will certainly be the front card in my wallet.
Mine won’t be carried on my person. I have no internet in using it for 1% rewards and carrying another card defeats the purpose of moving towards a digital wallet.
Ordering the physical card is optional. No doubt Apple is fine with you not ordering one. Saves them money.
Comments
"Of the US consumers surveyed, 38% were aware that Apple Card was coming."
That's an incredible number. I would have expected that if I asked around my (white collar) office, maybe 10% would have been aware that Apple is rolling out a credit card. Nearly 2 out of every 5 being aware of it before it's actually available is a testament to the value of the Apple brand.
Oops, I misread your post. Sorry.
I have a love-love relationship with my current financial services firm (USAA), so I'll certainly keep using that credit card, but I'll probably carry the Apple card as my backup.
But even as FUD, it garners attention, and some consumers will dig a little deeper and make an informed decision with respect to their circumstances. Because not everybody who'll apply for it is a diehard Apple fan who gets everything Apple.
The interest rates are not high. 13-25% was the range I’ve seen published, which is completely in line with the rest of the industry. 25% is high, but if you have bad credit, that’s what you get and that’s what every other credit card will charge you.
iKnockoff morons are already calling it a "scheme" to rip off customers. While conveniently ignoring the other 99.9% of card issuers.
But, it's still the best out there. If the Apple Card will not download transactions to it, the Applecard is a non-starter for me. But that would surprise me. It's become pretty standard for finance sites from banks to brokerages to credit cards....
..and I agree with someone above, the best selling point of this card is not cash back but convenience and security.