Thoughts on the Apple Card
I’d like to share some thoughts on the newly announced Apple Card, Apple’s attempt at breaking into the consumer finance market, why I do not think it’s as revolutionary as it claims to be, how I believe they could’ve truly revolutionised consumer banking and also some doubts on whether this will take off in non-US markets.
Apple’s innovation and unique selling point seems to be the lack of “over limit” and late payment fees coupled with a modern app and some “privacy” features which I believe to be marketing fluff (I’ll break it down a bit later). While this is a step in the right direction, I feel the whole idea of a credit card is flawed in today’s day and age, and we can do better if we truly want to disrupt the market.
The purpose of a credit card (to me at least) seems to be to give the cardholder instant access to a pre-approved loan. The fact it’s done through a card is just an...
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