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Apple Card

Apple Card

Apple is not just a tech giant anymore. It’s a financial institution competing with Chase, Citi, and other banks.

Streaming services are taking over the world, and Apple had no shortage of them at the recent keynote event. For example, you get unlimited games (with offline access!) when you subscribe to Apple Arcade for a monthly fee (TBA), unlimited digital newspapers and magazines with Apple News+ for $10/month, and original Apple films and TV shows with the Apple TV+ subscription (price TBA). But what caught our attention was not a subscription service; it was the Apple Card.

Apple Card is the next generation Apple Pay. It lives inside the Wallet app, but it’s also a credit card (in both physical and digital forms) issued by Goldman Sachs. You can use it just like you use Apple Pay, or you can just use it like a credit card. You get 2% cashback on everything, and you get it daily. The app allows you to analyze your spending, view where a transaction happened on the map, and much more. There are no annual, late, international, or hidden fees. What does this mean for banks? Trouble.