What do you think of the upcoming no-fee cash-back Apple card?
I just watched Apple's announcement of their new Apple Card, which will be rolled out this summer.
The list of features sounds quite impressive:
- It's gonna be available within minutes, just by signing up through your phone
- It will be accepted all over the world
- It will be available on all your devices
- It will tell you exactly in which shops you spent, and in which location, including showing maps of the locations
- It allows you to categorize your expenses and sum them up by category, just like other Fintech apps already do
- It will charge you almost no fees, and the lowest interest rates on the market
- It even gives you 2% cash back on your purchases - on a daily basis, every time you spend money with the card. You can use this cash you pay back your balance or send it to friends through messages, or spend it - up to you.
I have to admit I've become quite sceptical when it comes to free services that sound extremely convenient and even give me free money.
All I'm thinking is, "What's in it for you?" Nothing is for free.
"You probably want my personal data. You want to track my shopping behavior so you can better advertise and sell to me. You want my data!"
However, according to the presenter, all data is stored on the device, not on Apple's servers.
Apple won't know what we bought, where we bought it, and how much we paid for it.
Hm... What do you think? Believable? Or what's the small print?
You can watch the Apple Card part In the video below from 27:30min for about 10min.
About the author:
Anja Schuetz is a cryptocurrency mentor for absolute beginners, with specific focus on women and non-digital natives. She also consults as a Customer Communication & Operations Manager for blockchain start-ups.
Anja offers a Free Bitcoin Beginner's Course when you sign up to her Conscious Crypto Museletter here: http://anjaschuetz.net and has also written a Beginner's Guide to Steemit
It puzzling. First thing I thought is 'aha, that's what they want to pay for my data eh!' - but if it's stored on the device... Puzzling indeed.
Personally, I don't think it's anything special... I was of the understanding that the 2% was just on Apple products... or maybe the cash back was only if you used the Apple pay app. I can't remembered exactly, I just remember thinking it wasn't as good as it sounded. You could get a better deal on, say, the Citi bank Double Cash Card .
The good thing about it though is the up to the minute stats on your credit card usage, which is obviously better than having a big weekend and not really knowing where you're at until Monday or Tuesday, but yeah, that's not enough for me to really consider it seriously.
I don't think Apple is after your data any more than usual with this card, I think it's just a branding thing... a small advertisement everytime someone whips out the titanium card with the logo... but I do think it's a missed opportunity... they could have been absolutely huge with this... if they just offered something better than what other credit cards are offering.
I'm not a fan of Apple products but is too good to be true to trust a centrlized corporation!
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