Yes, not only do we need an Apple credit card, I’ll go so far as to say Apple Bank should go along for the ride. Credit card first, then an option to lease one of everything Apple makes.
Apple already has a rent-to-own or lease-to-own product in the iPhone and iPhone Upgrade Program. Pay a monthly fee for 24 months and you own the phone. Upgrade to a new one after 12 months and the clock begins ticking again.
What would an Apple credit card or an Apple Bank do for a billion Apple customers?
Chris Smith has some rumor news:
Apple is reportedly working closely with Goldman Sachs on a new financial product targeting iPhone buyers, a credit card that would be available directly on the iPhone through Goldman’s consumer bank Marcus.
What’s the problem with that idea?
It’s not Apple Bank. Partnering with another bank is akin to a third party desperate to pick up a new revenue source.
The card will supposedly let users set spending goals, track their rewards, and manage their balances.
That’s not exactly what you’d call innovation is it? I have three or four credit cards that do that already. What I don’t have is an Apple Card issued from Apple Bank that gives me the option to rent-to-own or lease-to-own a Mac or Watch or whatever– from Apple.
Customers will reportedly get 2% cash back on most purchases, and maybe more on Apple gadgets and services.
2-percent cash back may sound great, but it’s not as though I’m spending $5,000 a year on Apple kit. Sure, a $100 cash back fee would be nice, and I wouldn’t turn it down, but I would rather have Apple Card from Apple Bank and the
privilege option to rent some Apple products, complete with Apple Care, of course, so I can stay up to date on the latest hardware.
All the other features, including one to Close Your Rings (based on the Activity app for iPhone) but with a financial angle, is just icing on a cake I might pass on anyway. Look, Apple can afford to buy 10 banks. So, why not buy one, set up Apple Card, then roll out Apple Bank– including deposits and investments– and the option to rent-to-own the latest Apple hardware?
The time has come, Apple. If you can afford to buy France, then you can afford to buy a bank and make the Apple Ecosystem an even better place to live. What’s next? How about Apple Taxi? How about Apple Schools?
Money talks, folks.