With more Questions than answers, Is this a novelty item for apple customers, are perks worth it and is the Africa Market ready for this?
As we all know by now, one of the big reveals by Apple 24 hours ago was the Apple credit card –another accessory to include in your Apple product collection it seemed like as Hollywood elite gathered round to endorse it. In my opinion this has been created to appeal to Apple’s customer base and young trendy millennial, some with little or no knowledge of what a credit card is and is used for and of course how to maximise its perks.
Coming down to the Africa market, I have the feeling this would not make as much buzz with the every growing young techie youngsters and fashionable adults.
Now back to the upside of this new Apple service. Judging from my twitter reviews i would say customers are on the fence with this one and the line is split 50/50.
Steps in the right direction include
- Step 1 the final product in my opinion looks great. The Aesthetics would be very attractive to customers especially as it is made from titanium; the blank surface on either side of the card has no numbers just your name and the chip. It is made from Titanium. I believe banks in the near future be adopting this new trend set by Apple.
- % cash back – Now this is both a good and feature. Let me explain; 1% cash back on all purchases, 2% cash back when used through Apple Pay 3% cash back on apple products.
- No fees or foreign transaction fees unlike most credit card providers. The card is free to order/own and like i said no charges or hidden fees.
- Credit card usage can easily get out of hand as many of you who own and use credit cards can testify to –and the reason being for many is that they have very little visibility of their spending and quickly run into the reds. Apple credit card echo system features Enhanced analytics and customised monitoring showing real time data for your transactions, down to the bare minimum. So you will be able to track your spending by Days, Weeks or Months just to feel on top of things and to ensure nothing gets out of either your hand or apple’s hands.
Steps in the wrong direction
- If you noticed Apple disabled their YouTube comment section so that no one is able to leave comment on what their thoughts are on the apple credit card but this did not deter apple and non apple users alike taking to social media to respond to the unveiling.
- First red flag would be the fact that this card was created by apple but backed by a bank — Then we hear over and over again during the presentation that this was not your regular banking credit card structure. This was stressed so much to the point i will assume most watchers like myself switched off or zoned out for a few seconds or more. Now what bank did Apple choose to partner with for this venture?
- Goldman Sachs –If you have never heard of this bank count yourself lucky. One of the Biggest banks in America that defrauded its investors during the financial crisis of 2007. This was later settled out of court where they agreed to pay $5.1 Billion.
- Next point of worry is the card processing –Apple created its credit card but all its transaction processing will be done via MasterCard.
- A quick google search would show you that there are many better credit cards in the American market than this – like the Citi Double Cash Rewards Card – that give you a much more broad 2% cash back, without an annual fee, while also offering extended warranty protection. Or, the Discover Cash Back which offers 5% cash back on revolving categories. So if your goal is maximizing rewards and going for the best credit card possible, the apple card isn’t it. They missed the mark on that one.
However, if your goal is just getting a basic, no fee card that you can enjoy and use – and you don’t care about getting the highest value all the time – then it’s good. And this is definitely the biggest demographic out there, who apple plans to market to. They understand the average audience and they’re making a mass market card for most people.
That been said, we technically do not have the environment for this technology yet. Though reports suggest that EMV’s have risen upwards of 77%, it is an issue with the flaky internet bandwidth and a banking system still developing to catch up to the standards of the western world; I’d say we can look to apple pay via mobile device and or credit card sometime in the not too distant future.
Surprised at the Apple credit card? Definitely I’m not. Disappointed? Definitely I am.