Apple Card turns six: Conversions, but where is the internationalization?
Apple's financial services are used by millions of Americans. Now changes are afoot to mark the anniversary.
(Image: Apple)
Apple also offers credit cards? Yes – and has been doing so for almost exactly six years. This week marks the birthday of the Apple Card. The payment method, which can be used both digitally via Apple Pay and physically in the form of a titanium card, has been on the market since August 2019. However, Apple has not yet succeeded in conquering other markets with the product, which has been very successful in the USA. It has not even succeeded in English-speaking regions such as Canada or the UK. However, insiders from the financial sector claim that some changes are now on the cards for the anniversary.
High interest rates, but still customer-friendly
When the Apple Card was launched six years ago, the "convenience" aspect in particular spoke in favor of the product, which Apple brought onto the market together with the bank Goldman Sachs. Any iPhone owner can basically click their way to an Apple Card in under ten minutes, as long as they have a certain credit rating. This can be done easily in the Wallet application. The card can then be used via Apple Pay and NFC. The physical card arrives a little later by post.
Although credit card interest rates are typically (very) high in the US, Apple makes it easier for customers to pay off the amount in full and thus avoid falling into the "revolving credit" trap, where interest is charged. In addition, the card does not charge any additional fees, for example for purchases abroad. There are also no annual fees. However, the Apple Card did not run perfectly: Apple and Goldman were fined by the financial regulator, as customer service was sometimes slow to respond to problems. One of the reasons: Apple's billing cycle runs exactly monthly, which always triggered many inquiries at the same time.
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Questions about the future and a new partner
Goldman Sachs has wanted to get out of the Apple Card for years, but Apple's contracts are bombproof. The bank is said to be incurring high losses with the Apple Card, as interest profits are lower than planned and fees cannot be earned. In addition, the private customer business is no longer a focus for Goldman –, as can be seen from the fact that the bank has still not implemented an internationalization strategy for the Apple Card.
Now a major bank, JPMorgan Chase, could mutate into an Apple Card savior: Contract negotiations with Apple are reportedly on the home stretch, as the Wall Street Journal reported this summer. At stake are 12 million customer relationships and an account value in the mid double-digit billion range. However, it is unclear how quickly JPMorgan Chase could internationalize.
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