It was meant to be the bright, transparent alternative to the murky, old-fashioned world of credit card companies. When Apple launched its much-vaunted Apple Card in America back in August there was a tremendous surge in applications for the new product.
A month into its launch, Bloomberg reported that the card had already amassed some $736m in loan balances. That’s a drop in the credit ocean compared to the big banks, which all count their credit balances in the billions. But for a credit card that was barely a month old it confirms a very successful launch and points to a bright, long-term future.
Initial launch ads worked hard to distance Apple’s product from the established banking category. This, the ads stated, was “a new kind of credit card. Created by Apple — not a bank”.
In truth, working with partners Mastercard and Goldman Sachs, Apple really has put together a differentiated credit card offer. On top of the potent combination of Apple’s brand equity and an enormous brand-loyal customer base, the accessibility of applying and being approved for the card almost instantly via any existing iPhone drove significant signups.