Apple's goal for this credit card is not for competition with bigger cards, but to be convenient and accessible for all iPhone users, and as such, the requirements are less strict. Customers' financial data will be stored in the Apple Wallet app. Right now, Apple Card data and transactions can be viewed and managed only on the iPhone and the iPad, with no web support available.
A J.D. Power study takes a look at consumer sentiment for the Apple Card in advance of its full launch and made the determination that not only is consumer awareness high but that the product - which gives you back a percentage of every purchase in "daily cash" - is shaping up to be a nice success for Apple. "Apple even wants to one day replace your driver's license and passport with a digital ID that lives inside your iPhone", Pardes continues.
Last week, Goldman Sachs released the customer agreement for the Apple card. As privacy remains a primary concern for individuals today, with tech giants facing countless lawsuits and record fines, that claim will likely face future scrutiny.
Meanwhile it offers Goldman Sachs "an opportunity to expand its reach into retail banking" as this is the bank's first consumer credit card aside from its vast institutional client services, CNBC added.More news: Google introduces live AR walking directions on Google Maps
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A new survey indicates Apple's next product will be a hit, with more than half of young respondents already aware of the card before it has been properly marketed.
"If it works, it's one more thing that causes you to stay deeply loyal and entrenched in the Apple ecosystem, even if something better comes along", quoted the ABS-CBN News from Ben Bajarin, an analyst at Creative Strategies. He believes that the revenue stream from the card will be secondary to the brand's effect. Its APR varies between 16.49 and 24.49 percent. You'll have to ask for it at sign-up and then wait by the mail the old-fashioned way. A mere 1 percent cashback is offered for those who swipe the titanium card.
In addition, its reward features could carry major implications.
Apple shares were up about 1 per cent at $195.30 in trading before the bell.
Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.