The Apple Card has dropped

The Apple Card has dropped

Apple has just launched a credit card with partner Goldman Sachs. Needless to say, to have one of the world’s largest tech companies join the fintech space is extremely exciting.

With Apple now playing in a space where Archa has clear ambitions, we spent the morning going through the detail of Apple Card, and we thought you might be interested.

Like most things Apple does, the Apple Card design is beautiful in its minimalism.

Financially, the product is set to deliver real value to US-based customers by giving them cashback rewards, Apple Pay integration, insights into their spending habits, low-interest rates and by wiping annual and late payment fees! Hoorah!

Here’s the low down on the Apple Card:

The look

– Titanium steel

– Minimal design

– No card numbers or expiry date on the physical card

Features

– Integrated with Apple Pay and Wallet

– Cashback rewards (1% on physical card, 2% on Apple Pay and 3% on Apple purchases)

– Colour-coded spending tracker

– Slide to track interest costs

Cost

– No annual fees or late fees (but there is a higher interest rate for missed repayments)

– Low interest-rate (Apple has not announced what this rate will be yet, but we understand variable APRs will range from 13.24% to 24.24% based on creditworthiness)

Drawbacks

– Not available outside of the US

– Incompatible with Android devices

How does it compare to Archa?

Well first off, the Apple Card is solely a credit product, and there will be no transactions or savings accounts available with the Apple Card.

Archa on the other hand, plans to launch with transaction and savings accounts. We want to help you get better at managing the money you do have, while also offering credit products in a totally reimagined format.

Similarities

Both Archa and Apple will have:

– An app to manage your account

– Spending analytics

– Colour-coded Spending charts

– Cashback rewards

– Apple Pay Integration

– No fees and low-interest rates

– Chat-based customer service

Differences

Features the Apple Card will not have, that Archa will:

– Android compatibility

– Automated budgeting and savings tools

– Savings and Transactions accounts

– International Money Transfers functionality

– Comprehensive financial data

– Fee-free currency conversion

– Fee-free international spending

– Instant payments to anyone in Australia via Osko

– ‘Split Bills’ feature

See how the Apple Card compares to other credit cards here.

Can you get the Apple Card in Australia?

Apple has not announced any plans to launch in Australia yet, and as we understand it, only US-based customers will be eligible at first instance… but that’s okay.

If you’re an Australian looking for a digital account that will actually help you gain control of your spending and deliver you more value, more often, then an Archa account might be just what you need.

Find out more about Archa here.

Or alternatively, sign up to our waitlist by clicking here.

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