But banks have been increasingly willing to take less favourable deals because post-financial crisis regulations make the credit card business attractive for lenders, which are required to hold less capital against such debt than against other assets. Similarly, when it comes to earning and redeeming your cash back, rewards are credited daily and can be used more or less immediately.
Kalpadia noted that the overall success of the card could depend heavily on the flexibility of credit standards by Goldman Sachs.
Apple Card also doesn't charge fees for late payments because it's eliminated the fees associated with many credit cards. Interest rates will be lower, and customers will not be charged with penalties for missing a payment.
The Apple Card supports users in their financial aspect, leading them to a healthier financial lifestyle.
When customers use the card they get 2 percent cash back on all purchases and 3 percent when purchasing an Apple product or service. All of this is no doubt alarming for Apple that had grown used to see nearly the lion's share of its revenue stream being contributed by iPhone and iPad sales.
Amobi noted that it may take years to see if the Apple subscription does well for media companies, regardless of whether more newspapers join. But WalletHub CEO Odysseas Papadimitriou is dubious people who can afford an iPhone and qualify for the card will need that cash so quickly.
But is the Apple Card right for you?
Apple has unveiled its plan to boost its service offerings amid slowing growth in iPhone sales.
Sleek design: the card will be made of titanium and feature the iconic Apple logo - a great marketing tool to encourage more customers to utilise Apple Pay. But, if you spend a lot of money at restaurants, or other local businesses that don't take Apple Pay, you'll have a more hard time maximizing your rewards.
Apple Arcade will feature 100+ games at launch, with a mix of existing and new, exclusive titles.
Apple Card also offers a clearer and more compelling rewards program than other credit cards with Daily Cash, which gives back a percentage of every purchase as cash on customers' Apple Cash card each day.
However, consumers already have zero fraud liability with credit cards, said Papadimitriou.
However, while it will be built into the Apple Wallet app, one woud still have to "qualify" to be approved for an Apple Card.
We live in a world where you can play Fortnite or PUBG online through your smartphone, carry Zelda: Breath of the Wild on their commute, and soon you may be able to stream Assassin's Creed Odyssey to a desktop browser - while there are also countless indie games out there that tell rich stories without needing a vastly powerful on-board processor. It allows users to set up weekly or biweekly payments to better match up with their paychecks.
There is still some sense of wait-and-see, as the power of the Apple brand and its fan base is strong.
Apple launched its new subscription service Apple News+ a couple of days ago.