Apple Credit Card: what is it and how does it work

Apple credit card

Apple and Goldman Sachs are working together to create an Apple Credit Card, made to work with the Wallet App in iPhones and Apple watches. The card will be released later this year, according to the Wall Street Journal, even if an official launch date hasn’t yet be announced. Some rumors speak about a testing period among company employees which might start in the next few weeks.
Let’s go to discover then, what this card is, how it will work and why both companies decided to follow this project.

What is Apple Credit Card and how will it work?

Apple Credit Card should be used as any other plastic card and should use MasterCard’s payment network, but it will be integrated with some iPhone features baked into the Wallet app. Some of these features could include the ability to see card rewards, to analyze the cardholder’s spending patterns and to alert him if the system notices a higher than normal spending. Moreover, cardholders should receive 2% cash back after making every purchase.

Why Apple Credit card is about to be born?

Apple Credit card will be something away from the traditional core products of both companies. So, why the companies decided to undertake a similar project?
While Apple decided to expand its growth in business services to increase its revenue, in this case earning commissions on transactions made with an Apple credit card, Goldman Sachs is looking to grow its retail consumer business, away from corporate and Wall Street clients.

Will the project be successful?

Even if we have good reason to believe that this service will be another Apple-branded success, there is someone who does not think so.
According to Forbes, there are at least 3 reasons why this project will fail.
The first one is that the rewards aren’t good enough, because 2% cash back for every purchase is not too much since there are already many cards offering such a service on the market. Secondarily, money management features won’t attract new customers, because to manage cardholders balances or to receive notifications based on cardholders’ spending patterns is not so attractive: it is not something new and, even worse, customers might be not so interested in this kind of features. Finally, Apple doesn’t have strong enough data and analytics capabilities, as other company as Facebook or Google have. While Google and Facebook are actually data-driven companies, Apple is a technology driven company. And this is a pity since the credit card business is a data-driven business, which needs great analytics teams and capabilities Apple doesn’t have.

Apple Credit Card: a new tool for Apple Watch

We are not able to know whether the Apple Credit Card will be a success or not. But surely this credit card will make more common to use iPhones and Apple Watch to pay within the shops. What better chance then, to show off your Apple Watch with a fashionable and elegant strap, 100% made in Italy? In Meridio online shop, you will find everything you are looking for: Apple Watch bands for men and women, made in Italy with the finest materials and the best craftsmanship techniques, that will make you look super wherever you will show them off.

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