Apple Card: Worth A Million Or Worth A Hoax?


 It seems like the wait is finally over, the tech giant Apple has finally unveiled its long-awaited fresh arrival ‘Apple Card.’ Apple has earlier said that a small number of consumers interested in the Apple Card will start receiving registration invitations a few weeks ago. According to previous reports, Apple Card currently only supports US users.

A few days back, Apple updated the Apple Card page of the US official website and provided a teaching video for users to register. Apple said that it had sent emails to specific users, and consumers who receive invitation emails can apply for the Apple Card through the Wallet App on the iPhone.

In March this year, Apple released an Apple Card. Unlike traditional credit cards, for an Apple Card, each iPhone will have a virtual card and no current credit card number. Of course, the user can also apply for a physical Apple Card with the user’s name printed on it, but no number.

It should be noted that to open the Apple Card, and the prerequisite is to update the system to iOS 12.4. Apple Card can be approved in minutes and used directly by Apple Pay. Users can view consumption history charts, get notification alerts, and manage balances on their phones.

Apple Card’s issuing bank is supported by Goldman Sachs and MasterCard’s global payment system. Apple Card is available worldwide, does not charge any annual fees, and supports international free transfers. Most importantly, there is no fine for overdue repayment.

Gene Munster, the managing partner of Loup Ventures and a long-time concern for Apple’s dynamics, said Apple Card’s penetration rate might be lower in the first year, but by 2023, Apple Card may bring about $1.4 billion. The revenue boosted Apple’s overall profit by 1.8%.

Creative Strategies analyst Ben Bajarin said Apple’s sales in the fiscal year 2018 were $265.6 billion, compared to Apple Card’s revenue. But what’s important is that the Apple Card is useful for Apple to keep users and let them continue to use the Apple brand.

Bagalin said: ” Once it works, Apple Card becomes another service that allows users to remain highly loyal in the Apple ecosystem. “

Apple has sent an invite for the pre-use of the ‘Apple Card’ to some specific users for feedback on their latest product. It is stipulated that the Apple Card can not be used for the purchase of cash advances or cash equivalents, which includes cryptocurrencies, as well as casino chips or lottery tickets.

The restriction for the cryptocurrency is hardly surprising. Banks are particularly cautious with the volatility of some cryptocurrencies and for financial products, and the risk of indebtedness of users who would not be able to repay.

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