Goldman Sachs and Apple are partnering to enter the consumer credit space, largely targeting millennials. At its core, the Apple Card is a simple to use, no fee credit card that also serves to educate its users on their financial health. It closely tracks spending and changes colours in your iphone wallet accordingly – going orange or red if you spend too much. A physical card is available, but there’s no number, security code, or expiration date, something Apple claims is more secure. One of the card’s most distinctive features is ‘Daily Cash’, where users can redeem cashback. Highsnobiety gives a neat review of the card and why you should (or shouldn’t) get it.
Why does this matter? Apple claims that the new card is not meant to directly compete with premiums like the Chase Sapphire or American Express Platinum— the goal is to be broadly accessible to every iPhone owner, so the signup requirements are lenient and take less than a minute. Apple also promises that it doesn’t have access to spending data, which is only available to Goldman under strict privacy agreements. It hasn’t fully launched yet but in typical Apple style, the card has already created a buzz – 38% of US adults are aware of it and 35% are likely to apply.
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