Trigger warning ahead for Apple True Believers. 😂
a thread... 🍎 💳
But... it’s far from revolutionary.
3% back on Apple purchases is nice, but it’s far from best in class.
Everything else gets you 1% cash back, which is meh.
See @NerdWallet and thank me later.
Apple’s cost of funds is near zero if Apple Cash gets recycled to iTunes or P2P (vs card fees today).
They are playing a long game here. If successful, this is very bad for the card networks.
Ok... but what happens when I want to pay somewhere w/o Apple Pay or Safari? Do I have to open Apple Wallet and key enter everything? Sounds like a PITA.
I have no special insight into how MC beat out Visa, but I have a hunch they were willing to do stuff V wouldn’t (new rules or backing up the 💰 truck :-).