Breakingviews - Apple Card puts customer first, Goldman second

Breakingviews - Apple Card puts customer first, Goldman second

Under CEO Tim Cook, Apple is spending US$1 billion on original TV shows and movies, including projects from the likes of Oprah Winfrey - an amount dwarfed by Netflix's budget. Apple is promising enough incentives too for users to be lured into accepting the Apple Card, which includes daily cash back offers, lower interest rates, lower fees and so on, besides being simple and easy to use as well. There is also a physical Apple Card - a titanium credit card with no card number, CVV security code, expiration date, or signature. The physical card is created to be used as an alternative to the digital version of the Apple Card - which lives inside the Wallet app on the iPhone - in places that don't accept Apple Pay.

In practice, Apple Card will help consumers keep the actual rates they pay even lower, advising them how much to repay and when, in order to minimize cost.

If you lose your card you can freeze it instantly through the app, and you can make instant payments to friends. The company says it won't track purchases, including what and where you purchased them.

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But, why the sudden push? For just $9.99 a month, subscribers gain access to over 300 magazines and newspapers, including popular publications like Time, National Geographic, Forbes and Sports Illustrated.

But Apple said it wants its card users to settle their balance flexibly.

As this is Goldman's first foray into credit cards, it may take the bank a year or two to assess the quality of its credit decisions, according to an industry expert who declined to be named. While most credit cards require you to wait until the ned of the month to cash in on awards programs, Apple Card makes Daily Cash available at the end of the day, when funds are deposited to an Apple Pay Cash card. The titanium card won't display any information other than your laser-etched name.

The great thing about the Apple Card is that, compared to traditional credit cards, it will not have any late, worldwide usage or yearly fees.

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The company claims that it will change the entire credit card payment facility process.

If you plan to use the virtual card across multiple devices, you'll have different credit card numbers for each one.

Apple's Daily Cash gives you cash back each day. The new services were announced this week during a launch event at Apple's headquarters in Cupertino, California. So, the next time you hear about a retailer with a big credit card breach, for example, you can simply go into the Wallet app and get a new number.

Other credit cards do offer biometric security, whether it's built into the card itself or the card machine. That means even your phone is stolen, no one else can use the card to buy things.

Having the Apple Card is also like having one's own credit and loans adviser. The unusual thing is that in order to muscle in on a competitive industry, issuer Goldman Sachs has tossed aside numerous features that make the card business lucrative for banks in the first place.

I'm sure you're asking yourself, "Will Apple have access to my data?" Apple says pricing and more details are still to come. The service, which is to launch in the fall, will offer more than 100 games only available to Apple users.

And not just the credit card market.

Characters from Sesame Street - Big Bird and Cody - perform at the Steve Jobs Theater during the announcement of new Apple products and services. Since the metal Chase Sapphire card debuted to surprising fanfare (and Chase ran out of metal for cards in the first 10 days), other companies have followed suit.

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