The implications of Apple Card entering the fray this summer

Competition for the mobile banking user will intensify and boring banking apps will become a thing of the past.

The Apple Card is a wake-up call for traditional financial institutions. Cardholders want a more interactive mobile banking experience that rewards them faster and they will switch to Apple if banks and credit unions don’t switch up their user experience.

This Card Will Be Your Friend—Until You Become a Late Payer?

Apple wants to be seen as the ultimate customer-centric brand, so it makes sense to promise its credit card will come with no hidden fees and interest rates among the lowest in the industry. But are these realistic expectations?

Everyone hates hidden fees—If Apple delivers on this promise, it will score high points with its users. But some fees are not-so-hidden, and there is not much financial institutions can do about them. So, while card fees or international fees could easily be eliminated, late fees could remain an issue.

 

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