Apple is looking to move the posts even further in the money area by launching their own credit card. Reports say that it should earn 2% cash back on most purchases which would be a nice return!
Report: Apple Launching a Credit Card with 2% Back Rewards
This new credit card is a combination effort between Apple and Goldman Sachs. It should be launched later this year in the spring. It will launch using the MasterCard network.
Part of what Apple wants to do is to tie this new card into iPhone features and possibly introduce something similar to Activity rings for financial health. This would help users to get visual indicators of their spending and debt with just a quick look.
The WSJ report says that the rewards earned would be “about” 2% cash back so it may average to that. They also say that Apple may give even more rewards back on their own hardware.
Since this card would be Apple’s own, they would be able to offer more in rewards and make more on their end since they are not charging the transaction fee through Apple Pay that other issuers currently are paying.
It would be awesome if Apple really expanded this to allow for different kinds of rewards or potential integration into apps that could allow something like real-time transfers to pay for something with the points. That is just my hopeful mind at work right now, though. 🙂
Source: WSJ (paywall)