Apple Credit Card Rolls Out
Apple and Goldman Sachs have begun rolling out their new credit card as the tech giant looks to supplement its electronics business and the investment bank grows its consumer offering.
A randomly selected limited number of people who had expressed interest in Apple Card have begun receiving invitations to sign up, according to Reuters, with availability to expand further throughout the US towards the end of the month.
It’s not yet known when or if the Card will become available in Australia.
Slowing device sales are forcing Apple to look for other ways to diversify its income streams, with recent pushes into content services such as Apple Music, TV+ and the upcoming Arcade to be complemented by the Goldman Sachs backed Card.
The card number is instead stored on a secure chip inside the iPhone which will generate virtual numbers for online purchases.
Apple will also give cashback incentives of 2 per cent for all Apple Pay purchases, 3 per cent on Apple products, and 1 per cent on purchases made with the physical card.
Creative Strategies analyst Ben Bajarin told Reuters the Card is less focused on bringing Apple revenue than it is customer loyalty.
“It’s one more thing that causes you to stay deeply loyal and entrenched in the Apple ecosystem, even if something better comes along.”