Culture 2 min read

Apple Invites Select Customers to Apply For Its Apple Card

Image courtesy of Shutterstuck

Image courtesy of Shutterstuck

Apple has officially rolled out its Apple Card. But, it’s not for everyone – at least, not yet.

Back in March, Apple announced the upcoming credit card at a service event where the company also announced its streaming service, among other things. Since then, the tech giant had been internally testing the card with its employees, while the public waited for a released date.

Tim Cook finally made the announcement during the company’s third-quarter earnings call. According to the CEO, Apple Card could become available to the general public before the end of August.

Now, after days of anticipation, it’s finally happening. Apple has reportedly invited a select group of first customers to apply for the card.

Since they applied to be notified, these set of people will gain access to the card first. However, Apple intends to release the credit card to the general public later in the month.

By then, iPhone users should be able to apply for the card using the Wallet app.

Benefits of the Apple Card

Last week, Goldman Sachs released the customer agreement for the Apple card. Aside from the absence of the fees like annual, transaction, penalty, or others, users can enjoy variable APRs, which ranges from 13.24 percent to 24.42 percent based on creditworthiness.

Also, card users will receive cashback on every purchase made with the card. Whether you’re buying from Apple’s retail store, online store, iTunes or Apple Music, you’ll get a 3 percent cash back. Purchases on Apple Pay comes with 2 percent, while other purchases get 1 percent daily cashback.

Service-Driven Growth Despite Declining iPhone Sales

As the iPhone sales slowed, Apple started relying more on other services to boost its revenue. So, in what could be described as a win-win situation, the tech company partnered up with Goldman Sachs to release the credit card.

For Apple, the card allows the company to extend its service business to its 1.4 billion active device users. Goldman Sachs, on the other hand, can now expand its reach into retail banking, while MasterCard provides the payment network.

By all indication, Apple’s service-focused strategy is working.

Despite the disappointing iPhone’s sales in 2019, the company enjoyed a “great service quarter.” Apple reported 11.45 billion in services revenue for the third quarter of 2019.

Read More: AirPods 2: Why Apple Can’t Learn From Their Own Mistakes

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Sumbo Bello

Sumbo Bello is a creative writer who enjoys creating data-driven content for news sites. In his spare time, he plays basketball and listens to Coldplay.

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