Apple announced a number of new products and services this week, including Apple TV+ and a new Apple credit card, which will initially only be available in the US.
It all aligns nicely with their goal of growing their service/subscription businesses and weaning themselves off of an over-dependence on iPhone revenue.
Below is a video summary of the new Apple Card. In typical Apple fashion, it sounds and looks like an elegant solution and I already want to one.
I thought this topic would make an interesting follow-up to my recent post about whether cities should be banning cashless businesses so as to not discriminate against the “unbanked.”
Because embedded in the above credit card is the following cashback reward structure:
- 3% back on Apple purchases
- 2% back on purchases made with Apple Pay (iPhone)
- 1% back on purchases made with the (optional) physical card
And so what this “card” will do is pay you to always use your phone. The cashback reward system is also instantaneous and you’ll be able to spend that Daily Cash (that’s the name) just like you would actual cash.
Do you think this would change how you pay for things? I think for most people it will.