The new credit card may seem attractive to Apple aficionados, but consumers should watch out for the fine print.
After much anticipation, Apple has finally lifted the curtain on its new credit card — well, sort of.
These and other features may seem flashy — but they’ve already attracted some skeptics. For starters, many other credit cards come with better rewards, including the U.S. Bank USB, -0.78% “Altitude Reserve Visa Infinite” card, which pays back 3% on all transactions completed via mobile pay. Currently, Apple is fighting something of a losing battle when it comes to dominance in the mobile pay space. Apple Pay has only 32 million users, according to research from Richard Crone, a consultant in the payments industry. That’s only slightly more than the number of people who use Walmart Pay WMT, -1.13% and the Starbucks app SBUX, -0.30% And it’s far fewer than the number of people who use PayPal and its person-to-person payments subsidiary Venmo PYPL, -0.
What Apple didn’t say is that Goldman Sachs is keeping that data for its own uses. Ahead of Monday’s announcement, some had predicted that Apple and Goldman Sachs would use the data they collect to make personalized loan offers to card holders. In particular, Goldman and Apple will lack institutional knowledge when it comes to processing claims related to fraudulent charges.The interest rate may not end up being that low Apple describes it as “the first credit card that actually encourages you to pay less interest.” And the website says the company’s goal is “to provide interest rates that are among the lowest in the industry.”
Moreover, Apple has not specified whether it will set limits based on creditworthiness for who can even receive a card. “People need to understand what their credit score is,” Schulz said. “The last thing anyone wants is to apply for a card thinking they’ll get a 12% rate and then get a 25% rate.” Speaking of over-spending, while Apple claims it won’t limit rewards, that’s not entirely true. The Apple Cash card will still come with a credit limit — meaning that people won’t be able to spend with abandon in search of cashback without making some credit card payments.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Apple TV+ joins crowded market for streaming optionsApple Inc unveiled its Apple TV+ original content streaming service and Apple TV...
Read more »
Factbox: Spielberg, Oprah to make shows for Apple's new streaming serviceApple Inc unveiled an all new Apple TV app and a streaming service called Apple ...
Read more »
Watch Apple's March 2019 'Show Time' event in 13 minutesApple debuted many long-awaited services at its 2019 'Show Time' event, including Apple News+, Apple Arcade, Apple TV+, and an Apple credit card.
Read more »
Here's everything Apple announced on Monday-Apple TV+ -Apple News+ -Apple Card -Apple Arcade Here's everything Apple announced on Monday. AppleEvent
Read more »
Apple News+ is $10 per month. Is it time to dump your New Yorker subscription?Apple Inc's new Apple News+ service consolidates popular newspaper and maga...
Read more »
Apple goes big on premium services: Apple TV+ streaming, News+, Arcade and new credit cardBacked by Hollywood stars and original content, Tim Cook & Co. go all in on streaming. Will consumers subscribe to the new offerings?
Read more »
Apple just announced Apple Arcade, a new subscription service for exclusive Mac and iOS gamesApple Arcade, an exclusive platform for newly developed games on iPhone, iPad, Apple TV, and Mac, will launch this fall.
Read more »
Apple TV Plus is latest Apple 'service' offering announcedCUPERTINO, California (AP) — Apple announced a new streaming service, Apple TV Plus, which will house its original shows and movies and could compete with Netflix, Amazon and cable TV...
Read more »
Apple launches game subscription service 'Apple Arcade'Apple Inc launched Apple Arcade on Monday, the company's game subscription ...
Read more »