Old Mar 27, 19, 10:57 am
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 3,837
Originally Posted by jags86 View Post
You need to keep in mind the initial target audience:

Tech savvy people who are signing up *because* it is being touted as a superior contactless option. Apple probably expects most people signing up to be in the 18-35 year old range. Iím sure Apple/GS is expecting this to be many peopleís first credit card.

Additionally, there are 1,000,000s of sub 18 year olds with iPhones who will likely sign up for this card the moment they turn 18. Think of the speed to market vs getting some junk mail addressed to an 18 year from Credit One Bank.

Do not be surprised that once this card is released more people are specifically asking to use Apple Pay. I know I ask *everywhere* I go if they accept Apple Pay because I want 4.5% cashback on my Altitude Reserve.
A lot of this is true. But how large is this market segment? Also remember the 18+ year old do not even make their own money yet, but living on parent's money. It has very limited buying power.

What I see is that this card would generate a lot of attention. A lot people would initially jump on the application and get a piece of the excitement. Then it will quickly cool off and die down. Apple is not in the business of Apple Bank. Not yet.

Think about the Apple Cash Pay. It generated a lot of excitement too. But most of the kids now use Venmo. Probably PayPal is more popular then Apple Cash Pay.
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