Thoughts on the Apple Credit Card

I agree with you in general, but even at its core there’s nothing interesting here.

Simple did this whole categorized transaction, friendly in app chat customer service, blah blah thing years ago. But it was also a current account. It still exists after being bought by BBVA.

Capital One has been doing this sort of thing too in their mobile apps for credit cards.

The cash back is standard, even inadequate as you can get a flat 2% on any transaction card from Citibank and Fidelity.

But... the average American is terrible at money management. Apple is huge. The titanium card is shiny and free. So I think this will get some traction, but there’s really nothing interesting about it from a finance or fintech perspective.

I actually think this is a bad product for Apple to so deeply brand (it is going to just be run by GS anyway). How does Apple deal with charge offs? Does the friendly, upscale brand turn up at your door and demand their titanium card back? How does this effect the relationship between Apple customers and Apple?

I can’t say I’m a fan of Apple’s conglomerization. There’s just something weird about this. I don’t know quite what that is.