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Apple Inc. is launching this summer a credit card with Goldman Sachs that can be used to make money on the purchase of Apple products, but analysts suggest that its rewards do not stand out from rivals.
The Apple card will sync with the Apple Wallet wallet of iPhone users and will work through its Apple Pay payment system, said Jennifer Bailey, vice president of Apple Pay.
Cardholders will benefit from a 2% cash back on all purchases made using their phone or 3% on Apple products.
The physical credit card will be in titanium – laser engraved with the names of the users, but no number as a security feature. He will pay 1% cash back on purchases.
The card, which will use the Mastercard network, will feature new features in the Apple Wallet Wallet to help users track their spending with a breakdown of monthly purchases.
Credit card industry analysts said rewards programs were not much different from those currently available in the market, but that Apple's broad customer base could make it a major player.
"Frankly, I'm a little disappointed," said Ted Rossman, an analyst at Creditcards.com. "This card will make a lot of headlines, but its bark is bigger than its sting."
Rossman noted that the benefits of the Apple card were less interesting than the benefits offered by Citigroup with its Double Cash Card. The Visa Infinite US Bank Altitude Reserve card gives 3 points per dollar of portfolio expenses, or 3% refund or 4.5% discount on travel, he added.
Apple Pay is accepted by 70% of US merchants and will be available in more than 40 countries by the end of the year. Commuters from New York, Chicago and Portland, Oregon, may eventually use it to pay for public transit, Apple said.
The cash back will be credited daily to Apple Pay user accounts, Bailey said, and the card will not charge annual, international, or late fees. It did not provide specific information on the balance of interest rate card holders.
Sara Rathner, credit card specialist at the NerdWallet Financial Product Comparison website, said there are "many refund cards offering similar benefits," but that this card would be convenient for consumers who buy from many Apple products and services.
Tim Devaney of Credit Karma, a free credit score app, said the rewards are competitive but are not what will differentiate the Apple card. "The Apple card is consumer-friendly," he said, highlighting features such as a calculator that shows the interest that the consumer will have to pay by paying a balance in time.
Apple has not specified whether the new budgeting tool would include cash balances and credit balances from other accounts, nor would it accompany a bonus of $ 25,000. ;registration.
The Apple Card is Goldman's first credit card. The Wall Street Investment Bank offers more products to consumers, including personal loans and savings accounts, through its online bank Marcus.
Bailey of Apple said Goldman would not share or sell its consumer data to third parties for marketing purposes. She added that the card would have privacy features and that Apple would not know what and where a purchase was made or how much it cost.
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