Announced earlier this year, Apple's (NASDAQ: AAPL) big push into credit cards arrives this month. Some users (myself included) have started to get early invitations ahead of a broader rollout, with reviews beginning to hit the internet in recent days. The tech titan's angle is multipronged: The company wants to bolster adoption of Apple Pay by offering greater rewards for using the mobile payment service and help consumers better manage their finances, all while further entrenching iPhone users and strengthening customer loyalty. Whether Apple can accomplish the latter remains to be seen. Business Insider argues that the Apple Card is a "brilliant move by Apple to keep people shackled to the iPhone," but whether the card helps customer loyalty will depend on a variety of factors. How much money do you spend at Apple in a typical year, including subscription-based services? It's highly unlikely that many consumers will ultimately find the Apple Card to be truly indispensable, in which case Apple's foray into the intensely competitive credit card industry won't move the needle when it comes to customer retention.
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Aug 23, 2019
Aug 23, 2019