The Apple Card: Product-Market Unfit?

The good: It’s a pretty impressive no-fee card

  • A very sleek UI – on an app which, by the way, you already have and can’t uninstall!
  • A theoretically instant approval process
  • Daily cash rewards you can redeem super easily
  • And – in true Apple fashion – a sexy titanium numberless card…

The bad: But who on earth is it for…?

  • A very exclusive-looking physical card
  • Design sleekness in every aspect
  • No foreign exchange fees, a perk common in higher-end cards
  • No Annual Fee
  • Low interest rates (“Apple Card’s goal is to provide interest rates that are among the lowest in the industry”)
  • No penalty re-pricing if you miss a payment

Any redeeming factors?

  • The interest calculator offers a level of ease and potentially-margin-dilutive transparency to consumers that most banks haven’t touched with a ten foot pole
  • Also, this one’s super basic, but I love the simplicity of month-end due dates for everyone!
  • Text support. Every bank has a chatbot. And, the bot in their *one* sample question provided a very unimpressive bot-like non-action-oriented answer:
  • The maps integration isn’t anything new. Nor is simple cash-like rewards redemption. (Disclaimer: as a former Capital One employee, I default to them in my examples!)
  • Spend breakdowns have been around for awhile too (hello, Mint?), and in the demo Apple has botched whatever they’re trying to portray here – a rare design faux-pas! – with the super blurry stacked category bars below that make no sense (did I blow 25% of my Thursday spending on entertainment, or 75%?!)

So where will this card go?

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