Home / Apple / It is one year since Apple launched its most surprising product to date – BGR

It is one year since Apple launched its most surprising product to date – BGR

  • It’s been a little over a year since the launch of the Apple Card, arguably the most surprising and unusual product to date from a company that became one of the biggest corporate success stories of all time thanks to expensive gadgets like iPhones.
  • A new analysis from CreditCards.com reveals that Apple Cards’ debut year has largely been a success.
  • This has only been helped thanks to the coronavirus era, when more people than ever are interested in moving away from cash addiction.

When the Apple Card was first introduced by the iPhone maker a year ago, a credit card sounded to some people at the time as the most unusual and definitely one of the most un-Apple products you could imagine. A company that would grow to be the most valuable in history by selling expensive gadgets owned by consumers, had decided to enter the boring world of financial services, an industry that no one is really a fan of. How many of you really love your bank? Who out there protects your credit card company? Some of the media coverage at the time even used the launch of the Apple Card to continue a certain story about the company ̵

1; that it has become too inflated, lost its innovative character and is more interested in reaping profits than making bold product jumps as it used to å.

Now, here we are, one year after the launch of the Apple Card. And a recently published analysis from CreditCards.com provides an assessment of how Apple Card – which was not intentionally designed for the coronavirus era – of course – has easily found a foothold in a world that sees interest in contactless payments grow astronomically compared. to where things stood at this time in 2019.

When we talk about the pandemic and how deeply it has changed the world, it is actually also laid to rest one of the biggest complaints that knowledgeable credit card users had when Apple first launched the card back in August 2019. The kind of people who play the reward game well, who use a handful of cards in your wallet and swapping them up depending on usage – and who require and expect cards to be loaded with benefits – were not so happy when the Apple Card was first launched, since the card did not include much in the way of travel industry-related rewards like most of the best cards offer. One year later – well, do we even have to explain why there is not so much worry anymore?

“It’s true that Apple Card does not offer the best rewards or the highest sign-up bonuses we’ve ever seen,” writes CreditCards.com analyst Ted Rossman. – It also does not have the lowest interest rates. But there is definitely a target market for this card.

“The Apple Card accepts a wider range of credit points than most credit cards. Besides people who want this card because they love all things Apple – and it’s a significant fraction – the Apple Card is especially well suited for a young, technically savvy audience that is just starting out with credit. “One thing Apple is looking for,” Rossman continues, “is an attempt to connect this group of consumers with a payment ecosystem that is adjacent to the other things people buy from Apple, including everything from iPhones to iPads, headphones, subscriptions and more.”

Other strengths this analysis noted for the Apple Card debut year:

Contactless payments: Fewer than ever have it comfortable to deliver money back and forth in stores due to health problems in the coronavirus age. Apple Pay is the company’s mobile payment solution (for which you can use the Apple Card, or instead store another issuer card inside Apple Pay, if you like), and according to Visa, contactless use increased by 150% from March to July. Contactless payments are probably here to stay, which only makes it easier for consumers to feel comfortable making the Apple Card a payment solution they use in Apple Pay.

Customer service: This has easily been a bright spot for Apple Cards’ debut year. Per CreditCards.com: “From the beginning, Apple Card announced that it would be a kinder, milder credit card with no fees. Its financial management tool will actively encourage customers to pay less in interest, and it will be easy to contact customer service via text messages and phone calls.

“During the pandemic, Apple Card’s customer support program has excelled. Upon request, cardholders have been able to skip interest-free payments, potentially for many months in a row – an advantage that has stood out in the industry for its generosity and longevity. ”

Rewards: The Apple Card has also expanded the rewards over time. At launch, Apple was the only 3% refund retailer, but the list now includes brands such as Duane Reade, Nike, Panera Bread, T-Mobile and Uber. The rewards include 3% cash-back sellers, plus 2% Apple Pay rewards, in addition to a 1% return in Daily Cash back when using the physical version of the Apple Card.

One year ago, Apple’s credit card partner Goldman Sachs called this “the most successful credit card launch ever.” This was Goldman Sachs’ first consumer credit card, in addition to being Apple’s first introduction to financial services. All in all, as CreditCards.com concludes, “Through the lens, it’s actually been a productive year.”

Andy is a reporter in Memphis who also contributes to outlets such as Fast Company and The Guardian. When he’s not writing about technology, he may be found bent over his budding collection of vinyl, as well as nurturing his whovianism and binge on a variety of TV series you probably do not like.

Source link