Apple Card Featured Image
Banking & Finance News Stories Technology

Apple introduces the Apple Card

Introducing the Apple Card! A credit card that exists as both a virtual card and a physical card. Perhaps, Google and Samsung aren’t driven to offer their own credit cards yet?

On Monday, Apple launches its namesake credit card, the Apple Card. Apple’s card comes out after digital money companies PayPal, Square and PayPal-owned Venmo all introduced their own physical credit, debit and prepaid cards in the past few years.

With that said, it seems like Google and Samsung won’t be too far behind, right? Well, think again. analyst Ted Rossman stated, “I doubt that Google and Samsung are losing a lot sleep over this card.”

The Apple Card comes at a time when the adoption of mobile payment services like Apple Pay has stagnated for years. Many customers would rather pay at checkout with what they know will be accepted, not ask repeatedly if a mobile option is available, lack of such mode and features makes it a major hurdle for mobile payments.

The credit card industry in the US is heavily regulated and extremely competitive, preventing tech players from diving in. In addition, neither Google nor Samsung has the same fanboy-fueled brand power as Apple, making things even harder for them to create waves in payments. analyst Matt Schulz says, “My gut on that is they wouldn’t necessarily jump in unless they saw that this Apple move was successful,”

The Apple Card will be available in the US this summer. Some of the features would be getting rid of annual fees, late fees, over-limit fees, and international fees — but it will be raising your interest rate if you pay late. The card also offers daily cash rewards, with 3 percent back when buying directly from Apple, 2 percent back when paying through Apple Pay and 1 percent back when paying using the card.