So Apple Card just announced, is basically Monzo but with a credit card instead of a current account. Thoughts?
Just shows you how far the is behind in fintech. We have more then a handful of banks that does everything that they are showing off
Has 2% daily cashback on all purchases. Seems quite cool
3% for Apple purchases…
Looks like they are taking a lot of cues from Monzo et al with the app:
and no fees whatsoever Clever, very clever. More reasons to be part of the Apple ecosystem (along with the cashback).
Goldman Sachs are the issuing bank with Mastercard.
A big focus on privacy and security features too.
Titanium card haha.
The daily cash is very interesting.
US-only it seems
Shame its US only, for now
I live posted on Freetrade’s forum. The 2% cashback on Apple Pay is huge and the card looks very nice. Also no fees whatsoever, no late fees, no annual fees, no international fees.
Gosh that card!
Bah. Hopefully coming to the UK too…
They’ve really thought it through. A titanium card will be cheap but the manufacturing scale and Apple know-how will help here.
What’s in it for Apple?
- more reasons to use Apple payments (cash back, security etc)
- slight nudge to buy more Apple services and hardware to get the additional 3% cashback
- more reasons to buy iPhones
- brand reinforcement with the card which will be seen as premium, even with wide adoption
Overall, a very smart move.
Additional thought: trust. People trust Apple way more than banks IMHO (they won’t see GS sitting behind it, only the Apple brand).
I’m guessing the number of cards they’ll produce will also help in a big way. Plus is it just me, or do you get the feeing the card is designed to never really be used, it’s more of a backup. Whatever the case, it’ll be built to last, so they don’t have to keep issuing new ones.
I don’t get metal cards, but I do get that card.
Suspect it’ll remain US only for a long time, where’s Apple Pay Cash outside of the US?
Really hope this will come to the UK by end of the year
They are just 3 years behind Monzo . Lol
No fees, daily budgets, logos and maps in the app, sign up in app and start using via Apple Pay straight away.
Very interesting and I can see this getting popular pretty quickly. Still, odds of this reaching the UK in the next 2 years must be extremely slim.