It has happened. Apple is no longer a creator of attractive goods and services you want in your life, now it's officially a financial institution that follows every profit, wooo!
Join and give a round of applause to the product that killed the Apple fan in me: Apple Card!
As a brief refresher, the Apple card is a credit card issued by the tech giant in connection with Goldman Sachs. If you are looking for a lot of details on how the Apple card works, I would suggest checking out our explanation here. But no matter how much information you have, I can't help but think it's a terrible thing.
First and foremost, yes, I know how businesses work. They exist to make money. Apple has not made the hardware the great pleasure of it, it is made solely for profit. And that is good. It's more like the Apple card is in violation of the business & # 39;
Look at it this way. Apple has traditionally made things for people to use – life-enriching products, if you will. Whether it's old-school hardware like computers or live services with new-fangled stuff, Apple did things that let consumers experience .
The products put people at the center so they can control their own world. Hell, even Apple Pay was built with this approach, as it gave users access to their existing bank accounts in any way they wanted.
Apple giving out their own credit card is not in that spirit a bit. It's not a supportive mentality, it's an exploitative one.
If Apple had entered the market with a challenging approach, if it wanted to shake things up, I would be intrigued. But it didn't do anything like that.
Despite the fact that the Apple card has no annual, international or late fee, the company is working on the financial behemoth that is Goldman Sachs. It still charges an intense annual percentage rate of between 13.24 and 24.24 per cent – something in line with the rest of the credit card sector. You can even get the same usage benefits that the product offers from a large number of banks.
Basically, the Apple card is just another damn credit card.
Instead of being innovative and exciting, you know, historically Apple – the company basically shilled its customer base for profits. All about this feels like Apple knows it needs to keep growing, and worked with a bank to squeeze a little more money out of its loyal customer base.
strategy? Convince people of the Apple card is completely different from other credit cards, get a whole lot of people to sign up, and reap the sweet interest money from their purchases – all so that it can continue to make impressive profit margins.
You just have to search the Apple Card on Google News to see how many publications have not only covered the launch but done it in glowing words. Can you imagine the release of another credit card getting so many column inches? And that's all because Apple made the name for it to make money.
At best, the Apple card is a money grab, at worst it is an exploitative campaign created to get the customer base into debt for their own gain. But for me, it's one of the last nails in the Apple coffin I used to love.
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Published August 7, 2019 – 12:55 UTC