I wasn’t planning on getting an Apple Card. We have enough credit cards. We simplified over the pandemic, notably closing an Amazon credit card from JP Morgan Chase. An email from Apple suggested the Apple Card, no hit to your credit for checking. I applied, I saw the terms, I accepted. My friend at Apple says the goal is to increase platform stickiness. There’s a lot to like.
One of the reasons why I wanted an Apple Card was to get back at Goldman Sachs. You know the company that sold NINJA loans (No income, No job, no assets) before the 2007 to 2009 crisis, and shorted those loans to make a fortune. In a universe known for delayed karma and immense irony, it seems the Apple Card deal is not so great financially for the opportunistic investment bank.
“Who the f— agreed to this?” Young exclaimed in a meeting after learning of the details of the deal, according to a person present.CNBC
Top 5 abbreviated reasons for an Apple Card, from Apple’s site:
- See if you’re approved with
no impact to your credit score.
- No fees.
Not even hidden ones. (Note: I have never seen a card with no fees, of any kind).
- Unlimited Daily Cash back.
Real cash you can use
right away. (Note: It’s true, once a transaction clears, the rewards go into your Apple Cash account every day).
- Pay less interest. (Note: the card calculates in real time how much interest you will have for varying level of payments).
- Your card. Your Info.
Your business. (Note: Apple doesn’t sell your data for marketing or advertising).
As with all things, we’ll take an experiment and see how the Apple Card does.