It looks like the Apple account card has come to fruition

UK Monzo Chat
1

IMG_2289
IMG_22891206Ɨ2622 105 KB

2 Likes
2

I think itā€™s just the ability to preload your account and then spend using this balance.

Itā€™s not like the American version. It still a step in the right direction

2 Likes
3

Yes exactly that, and definitely a step in the right direction after many many yearsšŸ˜Š

4

Good to see Apple introducing more finance products into Europe.

Sadly I dont think the Apple Card will ever make it to the UK. We already know that the Apple Card is being reworked in the US after Goldman Sachs who are the underlying bank for the product decided to withdraw from the partnership with Apple after it was costing them billions in losses.

At the moment but JP Morgan Chase and American Express are bidding for the Apple Card. Looks like it will be given to Chase.

Another reason I dont see it coming to the UK is that the point of the Apple Card in the US is very good cashback rates on all spending and increased on Apple spending. But due to fees in this country not allowing for really high cashback rates I doubt it will come to the UK.

But I would love if it did!

2 Likes
5

I noticed this over Christmas when adding a gift card I received. Never seen it as an option before, so Apple are obviously pushing it to other countries. Itā€™s good to seeā€¦ā€¦no longer US only.

2 Likes
6

If Chase get it, I could see it coming here, cashback doesnā€™t need to be as lucrative but I am sure many folk will use it, cuz Apple.

2 Likes
7

Iā€™m sure I read only a few days ago that the CEO of American Express basically said they didnā€™t want it due to the sub-prime nature of Apple Card customers.

Capital One would be a better match on paper as they already cater to the kind of sub-prime lending that Apple Card attracts, but I believe itā€™s JP Morgan Chase that are the front runners.

Edit: This was the quote from American Express CEO Stephen Squeri back in 2023, so it was a while ago to be fair.

ā€œBecause thatā€™s what you want a co-brand partnership for, is the distribution, as well,ā€ Squeri said. ā€œAnd does it add value to both brands? And do you create premium economics? So, as we evaluate partnerships, thatā€™s the lens that we use.ā€

So he didnā€™t directly say they didnā€™t want it, but it was implied.

Source: Apple Card shake-up may finally happen this year: Here's the latest - 9to5Mac

8

I wonder what the Competition and Markets Authority might think. They fined PayPal after investigating their acquisition of iZettle.