Mainstream giant, Apple, recently announced extending its reach into the credit card space, offering several benefits to users with its new product.
The tech giant touted plans to release its new card in the summer of 2019, highlighting benefits in the fee category. The media outlet further explained Apple’s card “will have no international fees or over-limit fees, and, perhaps most notably, no fees for missing a payment, Apple said.”
Spectators might have noticed the card does not include the typical posted digits or security code. The new product includes a benefits plan in which the user receives “2% cash back when using Apple Pay and 3% on purchases made via the App Store or iTunes, or other direct-from-Apple buys,” Business Insider explained.
One expert in the field, Ted Rossman of CreditCards.com, however, told Business Insider he was “underwhelmed” by the new product’s perks.
People will sign up for it, but that will be mostly because they love Apple, not because this card is better than anything that already exists. For example, Citi Double Cash is a very simple, easy-to-use, 2%-cash-back card. And that’s on everything (not just Apple Pay purchases).”
Crypto Twitter’s response
As usual, crypto Twitter chimed in on the event. Nye saw the Apple announcement as a sizeable event that no one on crypto Twitter (CT) is talking about.
PabloPicasso on Twitter also remarked with speculatory correlations to the crypto space:
Crypto and credit cards
The crypto space has dabbled in the credit and payment card space in one form or another. Earlier in 2019, Binance announced its support of credit cards on its exchange.
The crypto project Status even released a touchless crypto hardware wallet in card form. Although, Crypto Insider’s article on the subject questioned the security of a touchless option.