Do You Think Apple Can Shake up the Credit Card Industry The Same Way They Did The Phone Industry?
Focus On Simplicity, Greater Transparency
While the premium credit card market is crowded and increasingly competitive, Apple appears to be emphasizing on ease of use, lower costs and greater transparency to sell its offering. For instance, the company will not charge late fees or annual fees on the card. Interest rates are also likely to be lower than rivals, coming in at between 13.24% to 24.24% based on a user’s creditworthiness.
Apple’s rewards program is also quite straightforward, offering cash that is credited back on a daily basis (unlike the typical monthly interval for most cards), although the rewards are far from the best in the industry. The card will offer 2% cash back on payments made via the iPhones on ApplePay. While this is roughly in line with what most cards offer, U.S. Bank has a card that offers 3% cash back on ApplePay. In-store swipes with the companion physical card will provide a 1% rewards rate, which is well below other cards.
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