Apple Card and a "New" Apple Inc.

Posted by Matt Birchler
— 1 min read

Apple Card is the product that finally killed the Apple fan in me - TNW

Well, it’s happened. Apple is no longer a creator of attractive goods and services you want in your life, now it’s officially a financial institution following profit at all costs, wooo!

Join me in giving a round of applause to the product that killed the Apple fan in me: the Apple Card!

I completely sympathize with this feeling. I don't think that Apple has gone evil or anything, but this whole product has left me feeling generally slimy since it was announced back in June. As a general rule, the idea of Apple products is that they are so good you are happy to pay for them. The better a product Apple makes, the more premium they can charge and the higher profits they can earn. The vast majority of their revenue comes from delighting users.

A credit card company does not make most of their money by delighting their users, they make it from interest paid by customers. Specifically, the worse people are at using the card (in terms of making payments on time) the more money Apple makes. Not that they will be, but the more debt Apple Card users get into using this product, the more money they will be paying, and Apple's revenue will go up.

Somebody tell me I'm wrong about how Apple will be making money from this, because this product doesn't make me like Apple more, it makes me like them less. I'm not ditching any Apple products or anything, but I completely sympathize with people who will because of it.