Hollis Johnson/Business Insider
- Apple’s first credit card, the Apple Card, is now available for all US customers.
- Some people have criticized the Apple Card for not being a more compelling credit card, citing its mediocre rewards, calling it "boring" or "not innovative" — especially compared to Apple’s other products like the iPhone.
- But the Apple Card isn’t just a credit card; it’s Apple’s secret weapon to sell more iPhones amid a maturing smartphone market.
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The Apple Card, Apple’s first credit card and latest "new" product, is now available for all US customers as of this week.
While early adopters have praised the Apple Card’s ease of use, visual feedback on spending, and emphasis on security and privacy, some believe Apple making a credit card means the company is running out of ideas, or losing its innovative edge.
To be clear: The Apple Card is extremely innovative. Apple has removed some of the biggest friction points between credit cards and customers: Signing up couldn’t be easier, rewards work in a straightforward way, customer service is tops, and using it is a breeze, whether you’re buying goods or paying off your bill. Plus, Apple uses machine learning to map out your purchases and visualize your transactions so you can understand how you spend your money.
The Apple Card raises the bar for how a credit card should perform, but it’s much more than that: It’s Apple’s secret weapon to sell more iPhones.
Apple has released a new iPhone every single year since 2007. But after a decade on the market, sales are finally slowing down as innovation around the smartphone has matured.
From around 2015 to 2017, the iPhone was responsible for nearly 70% (!) of Apple’s total worldwide revenue.
As of July 30, though, the iPhone only accounted for about 48% of sales during the most recent quarter.
- The Apple Card comes with 3 different credit card numbers — here’s what they all mean
- How to fix or reset the proximity sensor on your iPhone if it’s not working properly
- The Apple Card’s terms and conditions require you to agree to arbitration — here’s how to opt out of it