Americans will be miffed, but he’s mostly right. As a Canadian, I can say that Apple’s credit card offering isn’t impressive at all. Most of what is offered as new or revolutionary has been standard for years here.
Yeah, kinda like how the iPhone offered nothing new or revolutionary, all its features had been around for years. And yet . . .
Is there any innovation in the Apple Card at all? For me (in a market where there is no Apple Card), it looks like a card that has various standard features when it comes to rates and perks, looks good, is integrated with Apple Pay and has an app showing where your money has been used.
Nothing new about any of this.
The card is all about good execution rather than innovation - which is perfectly fine.
I only new Innovation I could think of doing on a credit card is if you never had to pay off the balance. But really, it's a CREDIT CARD. You are given credit where you can take out a loan at any time and pay it of when you want, paying at least the minimum per month. Apple made it somewhat easier I guess. My Chase Credit card, which is my Amazon Card, I just have it setup to auto pay it off fully every month. That way I get my Amazon credit and never pay any interest charges. I'm not going to charge up my credit card if I can't pay it fully off that month. I don't want Credit Card debt. I had that when I was young, and never again.
Better question, how many more ways can you think up on how to transact money from one person to another. Or allow for the two or more individuals to engage in free exchange of services and to be compensated.
Today it is so easy that people do not think twice about what something cost or whether the cost they are paying is reasonable.
Who cares what they think. If only Reagan would have had the balls to demand Russia give up their nuclear weapons and other weapons of mass destruction in the 80s when we had them over a barrel. Then they would just be another pissant Eastern European state. Their joke of an economy is smaller than almost all Western countries and several American states.
Now they are reforming the Soviet Union with the help of Individual 1.
Rafalovsky's question about whether we're developing relationships with Alexa/Siri instead of the underlying brands is spot on. At the moment, banks, retailers and the like work hard to get and keep relationships with us. To the extent that voice assistants intermediate for us, they're weakening those relationships. This is the reverse of the wave of disintermediation brought to us by the Internet, and puts companies like Apple and Amazon in the catbird seat.
Americans will be miffed, but he’s mostly right. As a Canadian, I can say that Apple’s credit card offering isn’t impressive at all. Most of what is offered as new or revolutionary has been standard for years here.
Some Canadian banks (eg. Tangerine, owned by Scotia Bank) offer automatic categorization of transactions, which is great. My own primary bank, BMO, does not offer that, so we still have a scary-looking statement to figure out. So while it may be standard at some banks, it's definitely not across the entire industry, and Apple's efforts are only going to help standardize that and make the whole experience of having a credit card far more consumer-friendly.
I can’t help but think this article was posted for the express purpose of generating responses here. Here we have a Russian oligarch, one of Putin’s army of yes-men, talking down the Apple Card. The CTO of the state bank of a totalitarian dictatorship that puts on the airs of a democracy comments on innovation? This is so bizarre I can’t wrap my head around it. But then we now kowtow to the mighty Chinese Communist/Capitalist blended juggernaut. Meanwhile the West slowly devolves into a socialist dystopia. How long till we are a Communist/Capitalist blend with established social scores? Oh wait, we already have them, they’re called “credit scores”.
Americans will be miffed, but he’s mostly right. As a Canadian, I can say that Apple’s credit card offering isn’t impressive at all. Most of what is offered as new or revolutionary has been standard for years here.
Apple Card is really just a pretty face on a terrible Wall St corporation, unless you like Apple flavored Cool-Aid
The Goldman Card resold by Apple charges interest- usurious interest - to people with good credit, so it does have “fees”. Daily cash in no way offsets the high interest rate.
The current Prime Rate is 4.75% per a quick online check and banks holding deposits give almost no interest, so they get money very cheaply. The margin on a credit card for a customer with good credit is ridiculous.
A real innovation would be to get rid of the gimmicks and drop the interest rate. If I can borrow money for a car at 0.9 - 1.9% not sure why a credit card should charge so much.
Who cares what they think. If only Reagan would have had the balls to demand Russia give up their nuclear weapons and other weapons of mass destruction in the 80s when we had them over a barrel. Then they would just be another pissant Eastern European state. Their joke of an economy is smaller than almost all Western countries and several American states.
Now they are reforming the Soviet Union with the help of Individual 1.
How would he have done that? They were much more powerful then.
Rafalovsky's question about whether we're developing relationships with Alexa/Siri instead of the underlying brands is spot on. At the moment, banks, retailers and the like work hard to get and keep relationships with us. To the extent that voice assistants intermediate for us, they're weakening those relationships. This is the reverse of the wave of disintermediation brought to us by the Internet, and puts companies like Apple and Amazon in the catbird seat.
I wouldn't trust Alexa with my banking transactions and unless one is sight or finger impaired, I don't see any need to talk to my smartphone to transact. It's far faster and far more secure to type in the few cases where that's necessary. The Apple Card works quite well. The phone app displays information and transactions clearly, it has the capability of disrupting transactions easily, it always displays the current balance, it automatically adds cash earned to a cash card, it has a long pay cycle and there's a one button action to pay the balance early. The innovation was in the quality of execution and some of the features it has, like no account # imprinted on the card and the ability to change account numbers simply by going to the phone app. When it comes down to it, a credit or debit card is a very simple device. Let's not make it unnecessarily complex.
If Apple had instead created their own bank, which they certainly have the resources to do, instead of working with Goldman Sachs, I can only imagine the outcry about monopolization, etc.
Americans will be miffed, but he’s mostly right. As a Canadian, I can say that Apple’s credit card offering isn’t impressive at all. Most of what is offered as new or revolutionary has been standard for years here.
Some Canadian banks (eg. Tangerine, owned by Scotia Bank) offer automatic categorization of transactions, which is great. My own primary bank, BMO, does not offer that, so we still have a scary-looking statement to figure out. So while it may be standard at some banks, it's definitely not across the entire industry, and Apple's efforts are only going to help standardize that and make the whole experience of having a credit card far more consumer-friendly.
What is REALLY needed on all bank statements is the item that was purchased with said charge. None do this as far as I know. My wife and I keep separate finances but have joint accounts. Figuring out which one of us gets charged for what is a nightmare. Try to keep receipts, but they sometimes get lost or they are electronic and get lost in junk mail.
While some people won't read the text of this the article and comment here - what he's actually saying is true. And he doesn't dis on Apple, despite how this headline might think it is. He's simply stating the reality of the banking industry. And in fact, he even gives Apple credit. As always, reading matters. Understanding words matters.
What Apple did *was* add just a *few* new innovative features. They didn't overhaul the credit industry, as the last week as most certainly proven. They didn't offer some fantastic new thing that everyone needs to go out and get. They added a few things that some people find useful. As much you or I would like to dismiss this as just a random Putin dude (and he is of course), it doesn't make the content of what he's saying incorrect.
Agreed. What he's saying isn't controversial. The Apple Card is just a good/better card with a digital app. It's evolutionary not revolutionary. I doubt Apple execs would disagree.
Better question, how many more ways can you think up on how to transact money from one person to another. Or allow for the two or more individuals to engage in free exchange of services and to be compensated.
Today it is so easy that people do not think twice about what something cost or whether the cost they are paying is reasonable.
There is still room for innovation.
I was talking to colleague the other day about how we hardly use cash any more. The exception being quick, informal transactions like buying something from a friend or, heaven forbid, giving money to a stranger. I don't know what the solution is, but someone will come up with a process that is just as safe and anonymous and quick as handing someone a 5 dollar bill. Then cash will be dead.
Comments
Today it is so easy that people do not think twice about what something cost or whether the cost they are paying is reasonable.
Now they are reforming the Soviet Union with the help of Individual 1.
The Apple Card lacks the ability to poison ex-agents with a nerve agent without any regard for innocent bystanders.
Is that the sort of innovation he's talking about?
He is hardly saying anything 'anti-Apple' which people seem to be taking issue with judging some reactions up to now.
I suppose the term 'front end' is part of the issue but truthfully, that is a correct interpretation from a banking perspective IMO.
Some Canadian banks (eg. Tangerine, owned by Scotia Bank) offer automatic categorization of transactions, which is great. My own primary bank, BMO, does not offer that, so we still have a scary-looking statement to figure out. So while it may be standard at some banks, it's definitely not across the entire industry, and Apple's efforts are only going to help standardize that and make the whole experience of having a credit card far more consumer-friendly.
Apple Card is really just a pretty face on a terrible Wall St corporation, unless you like Apple flavored Cool-Aid
The current Prime Rate is 4.75% per a quick online check and banks holding deposits give almost no interest, so they get money very cheaply. The margin on a credit card for a customer with good credit is ridiculous.
A real innovation would be to get rid of the gimmicks and drop the interest rate. If I can borrow money for a car at 0.9 - 1.9% not sure why a credit card should charge so much.
If Apple had instead created their own bank, which they certainly have the resources to do, instead of working with Goldman Sachs, I can only imagine the outcry about monopolization, etc.
I was talking to colleague the other day about how we hardly use cash any more. The exception being quick, informal transactions like buying something from a friend or, heaven forbid, giving money to a stranger. I don't know what the solution is, but someone will come up with a process that is just as safe and anonymous and quick as handing someone a 5 dollar bill. Then cash will be dead.
Actually, that's probably true everywhere!!