Why Apple Is Making A Credit Card
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- čas přidán 7. 06. 2024
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Back in March Apple introduced their very own credit card, to the audience’s surprise. There were virtually no rumors about Apple making a credit card and for some people the idea didn’t make much sense. Why would Apple, a technology company, enter the financial services market? Well, that’s exactly what we’re going to find out.
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Everyone talks about Tim Apple but nobody talks about Marisa Robertson, who is on every Apple Card video
Deformalized lol
Rip John Appleseed
@@birchtree5884
LOL, I remember going to the Apple Store when I was 12 or so, seeing the phone's contacts and asking myself "Who is John Appleseed?"
Deformalized i used to type the john appleseed email when i was younger into websites bc i didn’t have one.
@@funnykai1 😂😂😂
The card is basic but the business strategy is absolutely genius.
It indeed is
David Foster Why? Goldman Sachs only distributes the card
You mean greedy
Ross Martinez III Except that Walmart isn’t the only ecosystem where people can buy their groceries from unlike apple 😂 The Apple Card keeps you in the apple ecosystem and makes more money because it’s the only iOS and MAC OS and WATCH OS there is in the market. It’s a win win situation for both apple customers and the company itself. Customers earn more cash back which can then be used to buy apple products for a cheaper price, and with that incentive they stick to the ecosystem more and the cycle goes on.
Crapple sucks
“There were no rumors of a card.”
Lol the credit card churning/personal finance community had been hearing them for months.
One day there will be “Apple Bank” where it has their own ecosystem and it’s hard to use other bank account lol
There’s actually a bank called Apple bank but is not from apple inc.
I hope it be simple then
About the Apple Pay segment:
Every store in Canada offers some sort of contactless support, and they all support Apple Pay. It’s been the norm for 2-3 years now.
I wanna move to Canada.
SamLikesPlayz except Walmart and Home Depot
@@recoveryforxotrek3503 Canada isn't a good countru
@@connerwine8257 It depends, a severe wealth gap has formed in Canada with 48% of the population being upper-class and upper-middle class while 52% struggle with high debt burdens.
@@JollyOldCanuck oh ok and fuck hierarchy
I think that Apple realized how profitable financial market is after seeing how well adopted Pay was in Europe. Thay want US money, so thay are trying to speed up the Pay adoption among US retailers.
Supreme Video how do you get the apple symbol to come up
Very much that, when Apple Pay launched here in the UK we were already pretty used to contactless payment so most places accepted it from very early on. When I was in the US in 2018 I was shocked at how little Apple Pay was accepted, or contactless payment in general for that matter. That probably explains why we don't have Apple Card over here, there's no need for Apple to try and capture that market because they largely already have it.
@@willthomas7239 press [Option] + [Shift] + [K]
@@smt4090 a year later and I still didn’t know. Thanks lol
OMG AMONG USSS
In Canada, Interac Flash (our tap solution) is integrated with Apple Pay. Everywhere that accepts tap works with Apple Pay.
It’s also in MasterCard and visa
Basically the same in the UK. Contactless (which is on basically every credit/debit card and reader here) is integrated with Apple and Google pay. You can use it to tap in and out on London's public transport.
yeah, the US is so behind on contactless payments it's amazing to me
Every store in the UK accepts Apple Pay. Literally if they accept card they accept Apple Pay
Think this is my most liked comment, thanks
Max Nevins yeah
YEP!!!
maldita peppas pipe it mate like 2 banks in the uk partner with Samsung.
They lose customers if they don’t offer Apple Pay
maldita peppas nah they just need a card reader, a plain normal card reader that works with debit and credit cards. Doesn’t matter if Samsung pay works on more card readers. Hardly any banks support Samsung pay after the release of android pay.
I think you calculated interest as though you paid 17% per month but that’s annual APR so it would be 17%/12 (which would be 1.4% per month, so 1.4%x5,000=70)
You're right, thanks for the correction!
Apple makes a credit card.
*I A M P R O U D T O I N T R O D U C E T H E I B U C K*
scftedits I’m not American myself but that isn’t the point it’s a joke. Changing v-buck to I-buck.
scftedits I made it similar to the v buck as a joke because v bucks had been a meme and also the fact that it has nothing to do with Fortnite is the joke
@scftedits *bruh moment*
Everyone: why do we need an apple credit card?!
Apple: 2 pay us!
Lol. And yeah, haha
Quite frankly, this is smart. For people that have never had a credit card and don't want the hassle of signing up for one in a bank this is a good way to introduce the system.
BloomSTRAD If they never had a credit card chances are their credit score is zero so that’s an instant decline.
@@verycutetaco I'm not that familiar with that system, but wouldn't their credit score be better if they never had a credit card and not accumulating debt?
Stranger credit is having debt and how well you are with the payments
demian gatica but wouldn’t having no debt be better though?
Stranger if you have no credit history it’s unlikely for you to get most credit cards. Technically you don’t have a credit score but it’s not like having a 0 credit score since a 0 doesn’t really exist
Next product: Apple House
Danm I never got so many likes
“Smart” Apple House
i'll buy it just to put an Amazon Echo that plays all my Spotify playlists and to watch Netflix on my Samsung TV
They're already making the apple car, so I guess it will go well with their new apple house.
Paint, windows, roof and doors sold seperately
The all new Apple iVibrator, statisfy your horny needs for only $6969! (+$69/month for moaning sounds option)
Yeah they can’t afford an iPhone but they can afford to splurge at the Gucci store 😂
Compelling Points. Nice transition into the product ad the end. I'd like to do similar transitions. Great work!
It's worth noting that you don't need to ask the merchant if they accept Apple Pay. You just need to ask if they accept card payments via NFC/contactless as that is the method to how you use Apple Pay in stores.
The cashback offered is pretty good actually. For those sorts of cashback rates with other credit cards, you'd either have to pay an annual fee or the cashback rates offered are just for a temporary amount of time or when you buy from specific shops.
in europe even if they have NFC/contactless the retailer has to support apple pay. Samsung pay works on all NFC terminals. Apple Pay does not. the retailer needs to approve the service.
GradientGhoul Hmm I don’t think that can be right. I saw a video of a Canadian using Apple Pay in his country and it worked even though at the time Apple Pay was only available with American banks.
This might help:
www.techradar.com/uk/news/phone-and-communications/mobile-phones/let-s-clear-this-up-you-can-use-apple-pay-in-any-store-that-supports-contactless-1299192
Galva Tron It depends which part of mainland Europe you’re in as Apple Pay is available in certain countries. Apple Pay uses NFC technology too but as it’s an authenticated payment method, it isn’t subject to payment limits that normal NFC payments have (£30 per transaction in Britain). And it’s useful if you’re conscious about privacy and security. But if you want to continue using NFC cards, that’s your prerogative.
Galva Tron I’m sorry but that’s not true.
When you use a normal NFC card, the merchant gets your full card number and name. And if the merchant gets hacked, the hackers get your full card details and could use these to commit ID theft. You need to protect your card with an NFC blocker because criminals can get cheap hardware to interact with the NFC cards and steal your card info.
Apple Pay is more secure and private because Apple doesn’t know what you bought and where you bought it from. Apple Pay also creates a unique account number on your iPhone so the merchant doesn’t get the full card number and it also creates a dynamic security code rather than the 3 digit security number on the back of the card.
In America, if you ask if they accept NFC payments, they’ll be even more confused. Not only do half of our stores and services not have an Apple Pay option, but a lot of people don’t even understand the tech to begin with. Apple Pay is brand name that people recognize.
I don’t care what anybody says I’m signing up to a one and flexing that titanium card when Apple releases it. I really hope America can get a board with contactless payments because It’s sad to see an American company offer this service for its country but yet the people who appreciate it more live outside the US. It’s all the old people who don’t let progression advance. You know there are people in America STILL signing checks at check out!!! What?!
Steven Serrano For every generation that dies off, science takes one step forward. Give it time and America will catch up with universal healthcare, Apple Pay, education reform etc..
@@megazine Sure, but once that happens all the other countries will have advanced further. America will soon not be the world leader.
FinnishArmy that’s an irrelevant point...
The titanium card to me is really dumb, if Apple Pay was everywhere then a physical card would be superfluous. I’m waiting for the dmv to make my drivers license into my apple wallet. Supposedly passports are coming in IOS13 which is cool. But I would always travel with a backup in that case.
I cant remember the last time I used my debit card at a store or had to pull it out so I could buy something online. Samsung pay is perfect for that.
I like the idea of mobile payments. It is more secure and I don’t have to look through all my credit cards in my wallet to pick the one I want to use. The problem is I live in the US and a lot of places don’t take Apple Pay. I ended up buying a Samsung so I could use Samsung pay which works at a lot more locations. Also I have had my credit card information stolen and used to make purchases. I love the idea of these mobile transactions where they tokenize the transaction where the actual card information isn’t used. The Apple card benefits aren’t great but I will just get one to flex that titanium card on rare occasions; I say rare because like I said the benefits aren’t great and I will get knocked back down to 1% cash back for flashing the card. So the card I will be something I just admire. I might take it out my wallet then just switch to another card when cashier wants my payment.
You're so smooth with the sponsorships
I’ve had the exact opposite experience with Apple Pay in Australia. The moment my bank got on board I could use it everywhere I could use regular credit/debit PayPass - that is to say, EVERYWHERE. I rarely go out with a wallet anymore since my iPhone just pays for everything. Super surprised to hear that is to the case in the States, I assumed they were further ahead on these things than us.
Next product: *Apple Car*
Dark Justin more expensive than a lambo or range rover yes
Engine and parts sold seperatly.
they
e more likely to buy Tesla
Will it have windows? 👀
thaintriguing1 Probably not but probably will include a headphone jack
Short answer : *money*
Amex allows you to use the card with Apple Pay if you’re instantly approved while waiting for the physical card.
Great video, thanks! Though I’m not sure about Apple Pay. Here, in the UK, I literally forgot my card pin because you can pay with your iPhone ANYWHERE.
The phone version of the iPod Touch 7 will be called the iPhone SE 2.
Very nice video as always. Loved the history given before talking about the Apple Card. However I do wish you would’ve talked a little about apple’s current “card partner” the Barclays card, which when used at apple, allows customers to redeem iTunes/apple store gift cards. What will happen to Barclays? Will people still use it to finance or just use the Apple Card?
It’ll be interesting to see how Apple rolls this out in Canada and worldwide. I see Apple partnering with Capital One in Canada and Barclays in the UK
Thank you Greg
Wait, doesn't Apple Pay work everywhere where there's a contactless terminal (everywhere major pretty much)
Your almost as good as Mark Levin is on his radio show at doing ad transitions. lol
0:05 rumors were all over youtube and everywhere
lol no they weren’t
• Ben • -> type “apple credit card” in youtube search bar,
then sort it by upload date, and scroll down to 3 month ago and earlier, you will see everyone knew about credit card way before apples showtime ( credit card launch event) event.
@@rk.7 --- I agree with you, anybody paying attention read or saw these rumors prior to the card being announced.
In Australia all stores take Apple Pay
I plan on getting one, do you suppose that is a good move for a freshman in college?
A good chunk of Apple users wont get it,Due to a shitty credit score....I'm glad I keep my credit score on the higher end. I'm still on the fence about this card though,I'll wait to learn more..Possibly give it a year to see how it takes on other credit cards.
Great content, but for me that particular music track doesn't go well with the audio track - it's very distracting.
Apple Pay is everywhere in Canada. You can use Apple Pay at any place that accepts tap/contactless. Only Walmart and Home Depot don’t have it because they are still using old terminals that don’t have nfc.
Apple, please Be Good to your cardholders.
Retailers: "We don't want contactless payments!"
Covid: "You sure about that?"
Well, atleast now, people can't enter your credit card info! *they just have to hit "next"*
MasterCard is just an interchange, they definitely don't split 50-50
Ha. I remember the currentC BS. They were hacked before the even launched, and tried blocking companies from using Apple pay. All that together made it DOA.
Finally, an Apple related video lol
Tim Cook knows how to lead apple. He knew that all smartphone sales are going down not just iPhones, but all in general. Our phones are so fast and powerful so there is no point in changing them every 4 months. that's why they are focusing on services, because you can use these services even on older phones. I think that's great strategy to keep apple's finances good.
Taran Patel But other companies have not... i guess
Awesome again!!! 👏🏽 👏🏽
Really great idea.
Now if they can convert currencies on the go then it would be a major success. Like imagine you want to buy something that is expensive in your country but cheaper in other countries and of course they may need you to use their currency to pay and iCard can convert your currency to theirs without any hassle.
This is a very smart business tactic from Apple
So far every store that I've used in Ukraine accepts Apple Pay.
Nowadays, I literally have no cash in my pockets, only my phone and my watch on a hand.
I already almost forgot what cash is and how to use it, cause I haven't to use it at all. Never.
I wish this was the same here in Canada. It’s very 50/50 out here.
Courtney Moore it’s still pretty close. Most places have tap only really Walmart and home depot don’t.
ur full of shit dude .. ppl in Ukraine have barely anything to eat , moron
@@kaffeice7 tf u on 🤣🤣🤣
When it is launched in Canada I will sign up for one and put it in my wallet and never use it. The reward is pretty bad, but I gotta admit that titanium looks soooooo cool
Mpst celebrities and youtubers are gonna get in their hands when it was released.
I think the other thing that you may be forgetting about is any transaction fee that Apple is getting by using their card as opposed to other cards.
It also made sense for Apple to make a credit card for customers that want to buy a new Apple product but don’t want to ya down the cash all in one lump sum. For instance you want to buy a new MacBook Pro and don’t want to drop $2300 all at once you can finance using the Apple Card for 0%APR and pay $160 a month for 12 months instead of the up front cost.
I think is a way to get rid off the Card Standards (Like Mastercard World Elite, Visa Signature, Visa Platinum, etc). Apple and Nike are similar in not entertaining meaner things. (It is what it is attitute); the good thing is that a Digital Card can change color based on spending habits so people would knoe exactly what is their color status (Like the traditional cards that have Gold, Platinum, Tiers).
I think you’ve got that monthly interest revenue figure wrong. The average interest rate of 17% is an annual percentage rate, not monthly. So the cards generate in excess of $900 per year, not per month.
I love the idea.
Where I live Apple Pay worked everywhere off the bat! It became VERY popular in Canada
To be able to buy the stand
I like how you make the captions correct.
Eight ads in an eleven-minute video? How preposterous.
OMG this stand brand you mentioned offers a version with a Pencil holder. I need dis. Mine tends to roll away while I’m asleep leaving it at the mercy of my cat.
Also I’m actually finding it interesting to hear that the adoption is slow. I literally choose my shopping based on if there is Apple Pay offered if I’m split between two places. I can also order delivery with it through Yelp now.
Sleepy Sartorialist ---- Actually you're correct that adoption isn't slow at all. On the quarterly conference calls Apple frequently talks about volume increasing by 50% year over year. And Apple Pay is the #1 contactless payment method in the world. Now US is behind many other countries in the percentage of total transactions. But Canada is number one in the world in percent usage. Because of similarity in the 2 cultures eventually US will adopt this in a big way as well.
A lot of places in England have Apple Pay like it’s very popular x
Video starts at 05:52
Didn’t know the price increase was across all their products but definitely noticed on the iPhone. I’ll stay with my iPhone 8 for at least one more year before I buy another one. Not even sure if it will be iPhone, anymore...
retailers can’t choose to adopt or not adopt apple pay as apple has deals with the banks. all of the card payment devices that support NFC payment also support apple pay... in europe all of the places that support debit or credit card have nfc readers ...
Because!!!
If SONY can go into the Financial Market in Japan then why can't Apple go into the Credit Card Market in America......?
wclifton968 Thatbis true. Sony's biggest division is selling insurance in Japan. Many ppl don't know this.
Taran Patel you missed my point
@@chocolatemilk659 how tf does that make no sense? Apple could go into any financial market in the world and probably do some good (unless theres some extremely tight regulations on the industry)
I just wonder what the requirements are going to be
So now if you want to switch your phone (to an Android) you have to switch your bank account as well?
mastercard wont get any of the interest. that would be goldman sachs. mastercard will get part of the transaction fees. (usually like 3%)
No rumors?
I knew that thanks to FPT,
Recommend to check it out.
Nytstand should make a stand with USB-C,then I'd be interested
It would be nice if Apple would offer a fourth-quarter promotion using the Apple card. 5% for all Apple Pay transactions and 2% for using the physical card.
I hate the fact that only EUA got Apple Card. I need it too! What an amazing design for a bank app!
17% APR on a CC isn't per month, it's per year. So a CC with a $5300 balance wouldn't owe ~$900/month in interest. That would be insane. It's 17%/12 = 0.01416666667. 0.01416666667* 5300 = ~$75/mo in interest. Of course that amount would fluctuate depending on the principal but you get the point.
Great video--really informative and well done!
Where would you go to pay off your balance on the credit card?
isaacsac5 the wallet app
You still pay off your balance in person?
No on your phone
5:30 They blocked the name leaving only two letters, ST.....guess what the other letters might be
Wrong: there was a rumor about Apple making a credit card from a year before!
Do stores have to actually adopt Apple pay? I thought it worked everywhere that cards worked
I got an add you a Apple credit card 😂😂😂
Fintech is one fast growing industry
Don’t forget T-mobile came out with their own credit card.
Wolf Gaming lol
So did Walmart
Cool?
2:10
In China wechat is also used to pay for toilet paper
(yes in some public restrooms in Asia you have to pay for toilet paper)
Do you think Mexico will soon allow people to pay for the toilet paper with Apple pay too?
they accept apple pay now in target, W 😤
Yeah, this is a *very* good move by Apple.
If a store doesn’t accept Apple Pay you can use the Apple credit card, which is a MasterCard. The physical card does not have a number printed on it, just your name. As soon as the card has been used you get a notification on your iPhone. The credit card number resides in your iPhone, where you can view it, if you want to use it for online purchases. My Visa and American Express cards had their numbers stolen in cyberspace for fraudulent use. Somehow that seems a lot less likely with the Apple Card.
All the information on your account is one click away in your Apple Wallet. No cumbersome signing into your Visa or American Express Accounts. Saves me a lot of time.
7:42 You calculates APR incorrectly. It’d be 900$ a year not every month.
I don't if I should give apple card a chance for this since they new in this field.
It just seems so convenient....
I'm signing up
i just got mine in the mail today
Decade ago, I went back to China and couldn't make a phone call with my pocket full of quarters ... Fast forward, I still have most my coins, but nobody accept cash anywhere ... and we have to resort extortion to gain that last bit of competitive advantage ... What a world!
I want this titanium card for sure
Their were rumors about apple making a credit card
2:49
Wait but he has an iPhone
At 1:16 he showed a Apple TV instead of a Mac mini
Apple finalyy realised that not many places use Apple pay outside of major cities
If the prices are high in the US, come to Italy. iPhone XS should cost 899€ (999$) but it costs 1189€ (1342$)
but releasing it only in USA ALONE, doesn't make it good for business
Apple clearly knows about their iphone sales declining, but i don't understand how they could either be so blind to the reasons, or so stubborn not to resolve it. They've been releasing fresh models technically only once every 3 years lately, and the improvements in hardware is almost negligible. Look at the iphone 7 and 8, repeats of the iphone 6 and 6s general designs that have already been around long enough. The iphone X was a good refresh, but a tad expensive. there was virtually nothing exciting about the Xs, and the upcoming iphone 11 is rumoured to have that hideous triple camera square bump with no improvements on the front design that still features the huge notch. Other companies have been pushing boundaries with design like samsung's infinity O display and huawei's advances in camera technology. It's hard to believe that a company like apple is incapable of throwing out improvements that are similar to what these 2 other companies are doing.