There are now 7 retailers that offer the 3% cash back in addition to Apple. The latest was Panera Bread in August this year.
The report mentions Apple has done a decent job of expanding its 3% Daily Cash partners. Greater security is also an important aspect of Apple Card with no numbers on the optional Titanium card and the natural security that comes with Apple Pay. Upon request, cardholders have been able to skip payments without interest, potentially for many months in a row – a perk that has stood out in the industry for its generosity and longevity. Its financial management tools would actively encourage customers to pay less in interest, and it would be easy to contact customer service via text messages and phone calls.ĭuring the pandemic, Apple Card’s customer assistance program has excelled. There’s also super easy access to customer service directly from iPhone, no fees, and tools to help customers pay less interest.įrom the beginning, Apple Card proclaimed that it would be a kinder, gentler credit card with no fees. Rossman notes Apple Card users getting pandemic relief from monthly payments without interest, something that has set it apart from the competition. Differentiating Apple CardĪpple Card was promoted as a simpler and kinder credit card and Apple has followed through with that. A 2019 survey found 72% of cardholders would rather use the same card or two for everything rather than mixing several different cards to maximize benefits. households have lost income due to the virus, according to our sister site. Who couldn’t use more cash, right? Particularly when almost half of U.S. Those are features that resonate with customers right now. The card promotes simplicity and awards daily cash back on all purchases.
While Apple Card has seen some criticism for having middle of the road rewards, the straightforward Daily Cash feature is paying off.Ĭan you imagine if Apple Card focused on travel and then the pandemic hit? Fortunately for Apple, it didn’t make a big bet on any specific industry (especially one that ended up getting devastated by COVID-19). Rossman suggests with Apple Card holders getting 2% Daily Cash when using Apple Pay and the increase of contactless payment use in the pandemic, the behaviors could become long-term habits. It’s also possible to pay by tapping a card itself, although the vast majority of American contactless users prefer to use their phones. Visa said contactless usage jumped 150% from March to July 2020.Īpple Pay is not the only mobile payment method, of course, but it’s the most popular. The pandemic has greatly accelerated consumers’ appetites for contactless payments, mostly because many are afraid to touch bills, cards and payment terminals due to potential germs.
Apple Pay focusįirst, Apple using a digital first strategy with Apple Pay has proved successful, particularly as consumers have been using contactless payment more amid COVID-19: However, that doesn’t mean there aren’t some areas ripe for improvement.Īn Apple Card analysis from by Ted Rossman dives into what has made it successful over the first year, and notably, some ways the pandemic has helped the appeal of Apple Card. Apple Card has been available for just over a year now and looking back over the last 13 months, a new report highlights several aspects Apple and Goldman Sachs have nailed.
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