Apple proves that the future of credit cards is no card at all


But will it stand the test of time?

Apple’s latest innovation has taken quite an unconventional route – a credit card that turns heads. And while the brand has maintained its minimalistic design philosophy, the card goes beyond the mundane fabric of utility. Apple has skilfully struck the ‘proverbial’ chord once again and the design speaks volumes about the company’s vision – a white titanium slab with the customer’s name, an Apple logo and the chip. And that’s pretty much it.

As any ardent Apple fan would expect, the company is once again creating a league of its own. And instead of engineering the best smartphone or the most robust workbook, their differentiation tactic depends on entirely eliminating the hassles of late fees and strings of boring numbers. And if you actually use the card the way Apple intends you to, you soon realize that it is just a facade. The card is more of an extension of Apple Pay instead of an attempt at reinventing the wheel. But, it also sends a strong message – the future of innovation lies in fading the line between the virtual and the real worlds.

Features of Apple Card

Let’s round up all the features of the card that turn it into a coveted affair:

  • An EMV Card with a sleek design that is based on titanium.
  • Higher security due to a minimalistic interface that eliminates card numbers, CVV, expiration date, or signature.
  • All the information of the user is securely stored in the wallet.
  • 1% Daily Cash for every purchase that is made through the card.
  • Ability to immediately pay-off the outstanding balance through the iPhone.
  • Variable APRs that range from 13.24% to 24.24% on the basis of creditworthiness.
  • Real-time fraud alerts on your iPhone whenever suspicious buying patterns have been apprehended.

So, is it worth it the hype?

For Apple fans, it definitely is. The card will give 3% back to the customers on everything that they buy from its physical store, website, iTunes, or App Store.

Research suggests that only 43% of Apple iPhone users globally have enabled Apple Pay. This proves that users are still wary of the pitfalls of digital payments. With Apple Card, a more traditional approach can be explored to boost the adoption of Apple Pay.

It is also worth noting that everything about the application process to breeds innovation. For instance, Apple has collaborated with both Mastercard and Goldman Sachs to handle the credit front. As soon as you apply for the Apple Card through your iPhone, Goldman Sachs pulls an inquiry on your creditworthiness. And as opposed to other market players, Goldman Sachs pulls a soft-inquiry that does not affect your credit score in case your application is rejected.

The application process itself is blazing fast. You do not have to fill out any paper form or visit a store. In fact, the entire process is facilitated on the Apple Pay app and it takes merely 3 minutes to know your approval status!

The Verdict

With a sleek titanium-backed design, zero fees, and high security, the Apple Card may very well be the most innovative credit card in the market right now. Every interaction with the card is unique to the Apple philosophy and incredibly easy to catch up on. That being said, the way we are spending money is changing at an unprecedented rate. And Apple has once again proved that they are as adept at adopting trends as they are at setting them.

about CRED

CRED is a members-only platform that rewards the creditworthy individuals of India with exclusive experiences, rewards and upgrades.