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Apple invites first customers to apply for its credit card

By CNBC

The Apple Card will be released to the wider public later in August. At that time all customers will be able to apply for the card in their wallet app on iPhone. Goldman Sachs, which is providing tRead full story

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  • Maggie Chan Jones
    Maggie Chan JonesproFounder & CEO at Tenshey, Inc.

    It’s fascinating to see the business transformations Apple has had. Many companies would struggle with one transformation, but Apple is able to master transformations from a computer company to MP3 player to phone and now services.

  • This will put other credit card companies on notice. First, it’s Apple – not many credit card companies can boast the same fan base. Second, the app experience will set a new bar, especially with how deeply integrated into the device it will be. Third, the business model is in stark contrast to the market, which will have consumers questioning why they get charged fees and have their data mined for profit.

  • Matt Walters
    Matt WaltersFounding Partner at MissionLab Inc

    I’m looking forward to big things from Apple services. As their hardware product lines stall, the company is at a pivotal point, turning to software and services to pick up growth. Apple is in a strong position to capitalize on the opportunity.

  • Weiyee IN
    Weiyee INChief Strategy Officer

    The competition in the financial services and money services industries is already heating up with digital neo / Challenger banks and now with tech Giants getting into the fray. The choice of alternative services will actually benefit to he consumers.

  • It should be interesting to see how things pan out for Apple on this initiative. The APR is standard and the cash back rewards are nothing to write home about, so hopefully their brand is enough to lure in customers. I personally don’t use Apple Pay enough to justify opening a card, but for those who do the 2% cash back could be worth it.

  • James Cakmak
    James CakmakEntrepreneur | Tech Analyst

    Another feather in the cap in facilitating greater consumer lock-in. Yes lifecycles are increasing in the iPhone but lock-in to the iOS platform is rising at a faster rate. Said another way, consumer switching costs to another platform are increasing as more services are added. Nothing matters more than the bottom line to consumers, and this effort accomplishes just that. Don’t underestimate the potential of this card.

  • On one hand, it’s great to see Apple iterating and innovating. On the other hand, it seems like a desperate admission that their current business model is officially dying.

  • Paul O'Brien
    Paul O'BrienCEO at MediaTech Ventures

    This is really fascinating to watch.

    Apple issues a credit card.

    "Innovative!!" "Exciting pivot!"

    It's a debt instrument to customers. Major enterprise brands have been doing that for a century or more.

  • John Gray
    John GrayFormer Banker Risk Management

    Apr upto 24% that sounds about right to ensure perpetual payments. The debt will last longer than whatever Apple products are purchased.

  • Brian  Nisbet
    Brian Nisbet Retired Lens Grinder

    John Gray ! Hero again !! U-Da-Man !!24% interest is seriously Immoral for them & any other credit card !!

  • Jared Fesler
    Jared FeslerFounder, News Critic at Credder.com

    More than increasing competition among credit card companies, Apple's credit card is another step towards interconnected devices and services that will make it much harder for consumers to transition two other products and services when prices prove unreasonable.

    this is a short, balanced article that provides context to the title. It gives information about the parties involved in the deal, as well as the benefits from the credit card. I'm sure there will be plenty of follow-up stories on this topic

    More than increasing competition among credit card companies, Apple's credit card is another step towards interconnected devices and services that will make it much harder for consumers to transition two other products and services when prices prove unreasonable.

    this is a short, balanced article that provides context to the title. It gives information about the parties involved in the deal, as well as the benefits from the credit card. I'm sure there will be plenty of follow-up stories on this topic that will be much more divided in the reporting.

    CNBC has shown a track record of 53% credibility but this article rates higher on credder.com/article/2638

  • Sharon Jackson
    Sharon JacksonSystems Analyst

    Why anyone would want this card is a mystery to me since you could get the same rate or better at bank or credit union.

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