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What is the Apple Card?


Apple is probably best known for its computers and iPhone. Now comes news that Apple is entering the consumer credit market with the Apple Card, which could soon become available to consumers in summer 2019.

But what is the Apple card? Should you try to get one? In this blog, we will give you an overview of the new card that some are claiming will upend the consumer credit market.

What Makes the Apple Card Different?

Branded credit cards are hardly new. You probably have one or more. And if you’ve ever shopped online, then chances are the store you were buying from offered you a branded card at checkout along with a certain discount or other promotion. Amazon, for example, offers consumers an Amazon branded MasterCard.

Branded cards are an attempt to build brand loyalty with consumers. They often offer discounts whenever you purchase with the company sponsoring the card, and you can earn other discounts. Whether you need a branded card is another story.

But what makes Apple different? From its website, the company claims that the card is responsive to changes in how we communicate and do banking. For example, a large number of consumers (including the youngest Millennials) prefer to do mobile banking. The Apple card will be built around this experience.

Other Apple Card innovations include:

  • Simplifying the buying process by using just your iPhone
  • Providing weekly and monthly summaries of what you have spent money on
  • Generating a map of where you spent money
  • Setting the monthly due date on the last day of the month, which should be easier to remember

You will also get cash back on certain purchases, which is very typical of branded credit cards. The website claims you can get 3% back on all purchases from the Apple store and 2% back whenever you use Apple Pay.

The biggest difference with the Apple Card will be to get people to use their iPhones to make purchases. This not only locks consumers into the habit of using Apple Card but also of owning an iPhone.  We’ll see if consumers find this appealing or not.

Are There Really No Fees?

We’ve saved the most interesting innovation for last. According to its website, Apple will not be charging any fees. None. There will be no annual fee nor any cash-advance fees. Also, Apple Card will not charge any returned-payment fees or any fees for going over your credit limit.

The Apple Card could be a game changer if consumers come to expect no fees. Late payment fees and penalties, for example, generate plenty of revenue for many banks that issue credit cards. These fees also make it harder for consumers who are financially distressed to get on top of their bills.

Contact a Bankruptcy Firm if You Are Experiencing Financial Stress

Nowack & Olson has helped many people in Plantation and surrounding areas file for bankruptcy protection when they can no longer pay their bills. If you need help, or if you want to discuss whether bankruptcy is right for you, please contact us.

Our Plantation bankruptcy attorneys offer consumers a free initial consultation if they call 888-813-4737.




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