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Following promises from CEO Tim Cook, Apple is releasing its new credit card throughout August, with a limited release for randomly selected customers starting over the next few days.
Apple has become more adventurous with its technological endeavours this decade. We’ve seen the tech giant take on the watch market, the pencil industry (yes, really), and now the banking world with Apple Card.
It looks every bit as clean as you’d expect, with a white matte finish and minimal design that makes clear it’s by Apple. All users in the US will be given access to the card by the end of this month, with a randomly selected few able to start within the next few days. Presumably Apple will then roll out to the rest of the world.
The Apple Card is being backed by Goldman Sachs, a leading global investment bank that’ll handle all of the customer support and logistics. You’ll need to have your account approved beforehand, which Apple states will take up to a minute after you apply.
Can it cater to Gen Z’s banking needs?
From first impressions it would seem like Apple’s paying attention to the competition.
The card exists as both a physical item and digitally inside your virtual iPhone wallet. You’ll be able to see all of your recent transactions, create budgets, and regulate your weekly activity. All very handy if you want to feel the inevitable guilt that comes with accidentally spending £100 on a night out. Whoops.
All these elaborate features make sense though, given that Apple is starting out as a new name in the financial sector and will have to face successful brands such as Monzo and Starling, both of which focus on mobile-friendly digital-only banking. Monzo in particular has found quick success with younger customers, offering quick, convenient ways to pay and clear finance management.
As we become ever more dependent on our smartphones and tech to do the thinking for us, tailoring credit card experiences towards smooth transactions, easy online payments, and contactless transfers become increasingly more attractive, particularly for Gen Z. I don’t need to tell you that hardly anyone uses cash anymore because, well, when was the last time you bought anything over £20 with notes?
Also offered up are rewards for spending, including 3% cashback on any Apple transaction, 2% if you use Apple Pay, and 1% for everything else. It’s a stripped back and simplified version of other premium card systems and should entice those who find traditional credit cards needlessly complicated.
