As you probably already know, a few days ago from Apple they surprised us at their event with the launch of the Apple Card, a new credit card linked directly to the iPhone and which will soon be available in the United States. This card in question has quite a few advantages, but without a doubt one of the most interesting is the fact that It does not have commissions as many others do.
However, the truth is that although it is true that this is not a bad thing, at all, it does generate enough doubts, in the sense that it is clear that if they do not charge commissions, from somewhere else they will have to make a profit in order to make it financially profitable, and here we tell you what really happens and why for Apple it is completely beneficial.
What does Apple do to earn money with the Apple Card?
As we mentioned, in view of the doubts that this service generated, from Business Insider have made multiple inquiries, and thanks to this we know that, first of all, thanks to the details of the contract they have obtained with Goldman Sachs, offer a variable interest rate of between 13,24% and 24,24%.
However, as you probably already know, for using the Apple Card to pay in an establishment there is no surcharge, but this refers to the user himself, because the company that benefits, when swiping the card through the dataphone, must pay about a 2% commission, which is distributed among several parties where of course Goldman Sachs and Apple are.
On the other hand, since Apple is not a bank as such, it is also they can save a lot of money in some respects, something that especially benefits them:
- Advertising: Today, many banks take advantage of various marketing and advertising techniques to advertise cards, such as temporary bonuses or promotions. However, this is something that Apple does not need, as it already has enough users willing to purchase this card, in addition to the fact that all the publicity it will do will be similar to what it does with Apple Music, that is, little more than small recommendations in its products.
- Lower fraud rates: on the other hand, the fact that the card does not have a printed number, or any other information in general besides the name, is quite useful in the sense that it cannot be used without the consent of its legitimate owner. And, as if this were not enough, in many cases you will need authentication through Touch ID or Face ID to be able to use it.
- Reduced support: Another aspect in which Apple will skimp will be in the support, because in principle it will only be offered through an iMessage chat, which in the vast majority of cases will not have a person behind it, since in many cases it will be a bot with Artificial Intelligence, although without a doubt you would have to test it to be able to comment on it.
- Improvements when buying your products: Last but not least, the moment you buy one of their products using this card, the standard commissions will not be applied, but there will not be them directly for Apple, a very important point to keep in mind. It is important to think that many of the firm's products are not excessively cheap, and that is important for the issue of commissions, because in this way every time someone buys a product with this card, Apple will be able to obtain more benefit.
In this way, although it is true that part of the profits they obtain will go to Goldman Sachs, the bank that will be in charge of supplying these cards, the truth is that From the firm they do not have it so complicated to obtain benefit from it, despite having practically no commission rates for carrying out the different operations, and in this way it will also position itself as an option to choose from compared to the solutions of the different banks.