Apple introduced four new services and a credit card this week – but the greatest interest is not in one of the new subscription options but in the Apple Card.
Apple usually publishes a video on YouTube for every new feature or product - the Apple Card also has one. Now the commercial has reached over 15 million views after just two days. By comparison: the commercials for the current iPhone and iPad generation have around 10 million visitors. The Apple Card video is currently the 7th most popular video on YouTube. Of course, Apple highlights new videos - but the number of clicks in such a short period of time is still impressive.
No basic fee – but usurious interest rates
The demand is also astonishing - although Apple advertises the card as being cheap, there has been a lot of criticism. There is no basic fee for the Apple Card itself - but Apple charges extortionate interest. The effective annual interest rate is between 13.24% and 24.24% - depending on the user's credit rating. In comparison, some of the competing products are much more attractive - of course, paying in installments on credit cards is generally discouraged. But what makes Apple's credit card so attractive? Is it because of the bonus program? Like many other credit card providers, Apple Card will also have a bonus system. Users of this card will receive a two percent discount on every payment. Purchases from Apple itself are rewarded with a three percent discount. The bonus is called Apple Cash and is paid out to users every day. Here, too, some of the competing products have better offers.
security and data protection
The key lies in security and data protection. Apple promises not to have access to user purchases. In addition, the credit card number itself is not transmitted - when a purchase is started, a unique code is transmitted. This is generated anew with each purchase. In the summer, there will also be a physical card made of titanium. This will not contain any classic information like other cards.
Apple wants to use this card to ensure the confidentiality of customer data. Apple Card will initially only be available in the USA. When it will be introduced in this country remains unknown until further notice – a current Interview with the Goldman Sachs CEO but gives hope for an early market launch in Europe.
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