Apple's new card underwhelms consumer experts
Apple CEO Tim Cook said on Monday that the company's new credit card"is uniquely positioned to make the most significant change in the credit card experience in 50 years.""Frankly, I'm underwhelmed," said Ted Rossman, an industry analyst at CreditCards.com."This card will get a lot of headlines, but its bark is greater than its bite."The rates on the Goldman Sachs-linked credit card, which the company says people in the U.S.
At this point, Apple isn't sweetening the deal with a 0 percent introductory interest rate or balance transfer offers, Rossman said.The Apple card grants 2 percent cash back on Apple Pay transactions, 3 percent on direct Apple purchases and 1 percent on purchases with the physical card, according to the announcement Monday. The rewards are dispensed daily.
What's more, Rossman said, the U.S. Bank Altitude Reserve Visa Infinite card rewards mobile spending with 3 percent cash back or 4.5 percent off travel."That's really interesting: U.S. Bank offers better Apple Pay rewards than Apple," Rossman said.
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