There is a huge debate surrounding the implications of the Apple Card. Comparisons are rife between leading credit cards of the world. People from the older generation are a bit more hesitant in its adoption as well, especially those who own an Apple iPhone but do not use the Apple Pay features.
They are rightful in their hesitation seeing the growing sophistication of cyber attacks and identity thefts. However, the Apple Card, due to the lack of 16 digit pin and expiry date, and the need to two-step identification, is not only safe, but it is the revolutionary future of the finance industry.
Following are the top 10 ways in which Apple Card throws the others out of the competition.
1. No fees
It is a well known fact that banks make money over the various fees it levies. However, there are no such fees with Apple. No fees for application, late payment, cash‑advance, international transactions, over‑the‑limit expenditure nor for unsuccessful returned payment fees. “And best of all, no hidden fees,” says Apple.
2. Low interest rate (for those with good credit)
If you’re wondering how Apple allows you the above luxuries of no fees for paying later than the due date, there is a small catch — you’ll be charged an interest rate of the payment due. However, without this feature the credit card would simply be misused and cast a significant doubt over Apple’s intentions.
3. Instant issuance and immediately available to use (the virtual card)
By now you must have seen how delighted and surprised people are to have their application for the Apple Card be accepted almost immediately — and without the need of submitting excessive documents and paperwork that has traditionally been the case.
4. Strong privacy protection and non-sharing of data
Apple Card confirms all payments via a two-step authentication process with Face ID or Touch ID and a one-time dynamic security code.
Moreover, while Goldman Sachs can see your data, it will do so only for internal reporting purposes. The data of your spendings will not be analysed for internal or external marketing, nor will it be shared by any third party including regulatory agencies.
The calls from banks to get another credit card or sell a new product is disliked by most. With Apple Card, you will not have any such disturbances.
5. Easy to get help via 24/7 text.
while you might think that a 24/7 contact number for emergencies is necessary, Apple has taken the customer service one step ahead. The chat is easy to use, available 24/7, and does what you need immediately. You do not have to wait to hear the recorded message and press buttons to get connected to a person and then rant off answers to security questions.
6. Get Daily Cash
Most credit card providers make it extremely complicated for you to know exactly how much you are earning in cashback. Even though quite a few of them provide 0-2% cashback on selected purchases, it remains a mystery how much you actually earn. Moreover, the points system is just an overly complicated way of making you feel you are earning more than you actually are.
Apple Card gives you 1 percent cashback when you use the physical card to make transactions, 2 percent when you use Apple Card through Apple Pay, and 3 percent if it is an apple purchase. So no matter where you spend, you get at least 1-2 percent cashback on every transaction.
Apple Card brings a lot more transparency into the system by immediately crediting your cashback on every purchase. This way you can keep a check on how much you are actually receiving, and add them towards your credit card payment.
Whether you’re grabbing coffee or reserving flights, Apple Card gives you Daily Cash on every purchase you make*. And there are no limits on the amount you can get. It goes straight to your Apple Cash card in the Wallet app, so you can spend it with a tap. On anything you want.Apple Website
7. Track expenses on the go
While many banks do offer mobile apps where your transactions are shown, they often take time to reflect or simply do not provide enough information or clarity about where exactly the amount was spent.
With Apple this is different of course. Transparency takes a whole new level as it will show you exactly which place you made the transaction by even including its location on the map and photos of the store front. This feature seems to be integrated with the maps application.
Moreover, you can know where you are spending most of your money as Apple automatically categorises the expenses and colour codes them, which dynamically show up on the digital card. It also gives you weekly and monthly statistics with just a tap.
That's not all. You will also be aware of your total amount due at any given point in time.
8. Apple Card is very easy to activate
This is arguably my favourite feature. I remember when I first set up my bank account in the UAE and the number of calls and passwords I had to set up just to activate my cards. Took me a good hour. While I appreciate the extra security steps, I also value my time.
Apple Card comes in an envelope with NFC feature. All you need to do, is hold it near your iPhone. That's it. It is now connected, activated and ready to use.
It proves that security can be made easy and comfortable.
9. Payment schedules based on common sense
How many of us remember our due dates for payments? They are always odd dates in a month. Plus it is confusing with a cycle cut off date, bill receipt date, due date, automatic bill payment date.
Apple Card has made all of this very easy. The due date is the last date of the month, be it 30, 31, 28 or 29. And it gives you notifications for the approaching date.
Moreover, you can select if you want to pay your bills monthly, weekly or bi-weekly. It's up to you, you have the control to decide. How flexible is that?
We couldn't end this list without the core Apple signature characteristic of beautiful design improves customer experience. Apple Card looks distinctly like an Apple product.
Minimalistic design, made from titanium, the logo and your name etched into the smooth metal — it's simply beautiful and very likely to become a status symbol, much like iPhone became in its early years.
The design doesn't just stop at the external physical card, it also extends to the mobile application wherein you can see colours marking your expenses, beautiful weekly spending statistics, an easy and understandable list of transactions, and much more.
Apple also provides real-time fraud protection through notifications. Moreover, you can simply mark a transaction that you did not made and it will take care of the rest.
With all of these features, Apple helps people have better control of payments and more knowledge about their expenses. Thereby helping people spend less — the opposite of what banks allegedly want — and exactly what Millennials and Generation Zs are looking for.
While some of the above features might be available in a few credit cards, the combination of these, Apple’s sophistication when it comes to technology and its non-data mining promise of privacy is what will see it being easily adopted and preferred.
However, will the Apple Card revive the dwindling iPhone sales or see it becoming a financial powerhouse?