Finally, in an Apple Store, it offers you interchange and gives you a 1% discount, a kind of loyalty reward. When making an Apple Pay payment, it offers interchange to the user but recovers its levy on purchases made with Apple Pay and negotiated with banks. In the case of a payment with the physical card, Apple makes a 1% margin. Like many American banks, the brand has decided to redistribute part of it to the customer, which is what we call cashback.
It is about 2% in the United States and may increase soon.įor each transaction, 2% of what the owner of an Apple Card pays goes to Apple. How does it work? Apple picks from the interchange fee, the amount that a bank recovers at each payment. With each payment, Apple refunds 1% of the amount if you just paid with the physical card, 2% if you paid with Apple Pay and even 3% if you just bought something from the Apple Store. This is one of the most striking features of the Apple Card, the "Daily Cash". A cashback between 1 and 3%, impossible in Europe In Europe, people do not go into debt as easily as in the United States. 13.24% and 24.24%, which is low for the American market according to him, and which is indeed in the low range of the American standard.īut now, imagine if a French bank asked you so much! In other words, the Apple Card's business model is inapplicable in Europe, due to (or thanks to) numerous state protections. The problem is precisely the value of this rate. It can also send you notifications to remind you that you owe money and that the interest rate is rising. It is up to you to choose how much you want to repay, the application then calculates an interest rate (the APR, for Annual Percentage Rate). Thus, the owner of the Apple Card will be loaned money that he will gradually repay according to different rules. The US model is based on permanent debt and repayment without a fixed maturity. Here, we prefer the "deferred debit", where we pay the amount due every month, without interest. The "credit card" presented by Apple has no real equivalent in Europe. If Goldman Sachs, Apple's partner, suggests that the Apple Card will eventually reach the international level, it may actually be much more complicated. Perfect integration with the iPhone Wallet application, clear expense tracking, cashback system to recover money for each transaction, minimalist design.
It must be said that from what we have seen, the Apple Card has many advantages. As can be seen on Apple's YouTube, the credit card destroys other ads in terms of audience, proof of consumer interest. Between a digital kiosk and a video streaming service, Apple unveiled the Apple Card on Monday, a credit card that has made a lot of noise.
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