15 Great Apple Credit Card Ideas That You Can Share With Your Friends | apple credit card

Apple CEO Tim Cook (Photo by Roy Rochlin/WireImage)

The Apple-oids in Cupertino charge eat this actuality up. Every time Apple makes an acquisition, the technology world—and added now, the fintechaverse—goes into aggressive belief mode, aggravating to bulk out why the aggregation fabricated the acquirement and what it affairs to do with the acquired firm.

They’re apparently rolling on the attic bedlam this anniversary at Apple HQ, as the aggregation appear it was accepting UK-based Acclaim Kudos, which abounding bodies accredit to as an “open banking” company, for $150 million.

And back I say “many people,” I beggarly the abundantly baby allotment of bodies on the planet who anticipate they apperceive what “open banking” is.

According to its website:

“Credit Kudos’ able articles accredit businesses to advantage Accessible Cyberbanking to enhance affordability and accident assessments. Our predictive insights are congenital by accumulation transaction and accommodation aftereffect data. Our articles advice lenders accumulate underwriting, advance accurateness in decision-making, and abutment barter afterwards accretion through our assurance tools.”

While Acclaim Kudos describes its articles as allowance lenders—whose cold is generally to get bodies to max out on their debt and accomplish money on borrowers’ disability to pay it off appropriate away—rest assure that, like appealing abundant every added fintech startup on the planet, the company’s “mission” is abundant added altruistic, able to:

“Transform the acclaim scoring arrangement to accommodate fairer acclaim for all; allowance bodies admission amenable accounts they can afford, back they charge it.”

Phew. Acceptable save, Acclaim Kudos.

Why is Apple accepting Acclaim Kudos? The accepted acumen amid assemblage revolves about four possibilities:

Through its affiliation with Goldman Sachs, Apple launched its Apple Agenda acclaim agenda in the US a few years ago. Is Acclaim Kudos Apple’s aisle to alms the Apple Agenda in the UK? According to AltFi:

“Given Acclaim Kudos’s specialism—providing a accelerated another to acceptable acclaim scoring via accessible cyberbanking methods—it is accessible that Apple wants to accompany its casework in abode to abutment the barrage of its new artefact in the UK.”

Fintech Snark Tank take: This seems awful doubtful to me. Apple still needs a accountant cyberbanking academy to accomplice with in the UK in adjustment to action its acclaim card. Aloof as Goldman Sachs provides the acclaim underwriting models for the Apple Agenda in the US, a UK cyberbanking academy is acceptable to accompany its own acclaim models to the table for a UK-based Apple Agenda offering.

The Times accepted that Apple’s accretion of Acclaim Kudos “is acceptable to advance its move into payments technology and articles such as buy now, pay later.” Simon Taylor of UK fintech consultancy 11:FS told AltFi:

“Open Cyberbanking is the key to BNPL. Instead of banishment consumers to do a abounding acclaim cull aloof to buy a $50 jacket, why not bound analysis their affordability and acclaim ability anon from their coffer account? Acclaim Kudos anon provides that adequacy to Apple.”

Fintech Snark Tank take: Taylor makes a abundant point, but who’s underwriting the accident in that abeyant BNPL transaction? Apple? Fuggedaboutit. That’s not happening. As Jason Mikula, columnist of the Fintech Business Weekly newsletter, wrote on LinkedIn:

“Apple isn’t absorbed in anon actuality a lender itself, for several reasons. It's basic intensive, awful regulated, and the eyes of Apple debt collectors activity afterwards individuals or SMBs are horrible.”

Credit Kudos isn’t activity to accept the risk, either.

Other guesses as to what Apple ability do with Acclaim Kudos included leveraging the fintech’s technology to accommodate account-to-account payments into Apple Pay, enabling UK users to pay anon out of their spending or blockage annual (which the Brits accredit to as a “current” account).

Fintech Snark Tank take: This may not be feasible. The abstraction was attempt bottomward by a few bodies responding to Mikula’s LinkedIn column including Dmitrii Barbasura, CEO of Salt Edge and a Forbes Accounts Council member, who declared “For now, Acclaim Kudos is a registered Annual Information Service Provider—not a Payment Initiation Provider.”

Geoff Whitehouse, PR and Communications Lead at True Layer, added, “Credit Kudos doesn't accept any accessible cyberbanking infrastructure—all of the connectivity is through a third-party provider.”

AltFi speculates that:

“Another possibility, which would fit with Apple’s antecedent tendencies, is that the accretion was motivated by a abstract acreage grab, both of bazaar alcove and agent talent.”

Fintech Snark Tank take: Uh yeah, sure, this is a possibility. But Apple is activity to appetite the tech and/or aptitude for some acumen at some point, so postulating that the aggregation spent $150 for a startup with no abstraction for how it was activity to put the tech and bodies to use seems unreasonable.

BNPL acquisitions accept been occurring faster than Ben Affleck finds new girlfriends:

It would be a absolute accomplishment for Apple to access a BNPL adequacy for aloof $150 million.

But Acclaim Kudos isn’t a buy now, pay afterwards adversary the way AfterPay and Quadpay are. And that’s why there’s added to this accord than aloof “Apple accepting Acclaim Kudos to action BNPL.”

Apple has two cardinal issues it charge abode that go above aloof alms BNPL or alike ablution the Apple Agenda in the UK:

Commerce belvedere providers like Block (I still anticipate of them as Square), PayPal, Shopify, and alike Klarna are architecture out able-bodied agenda business capabilities that abutment a advanced ambit of functionality in the business ecosystem.

Square’s accretion of AfterPay is aloof the icing on a agenda business block the aggregation has been architecture for the accomplished 10 years.

Square accretion history

Klarna, too, has been architecture out a agenda business ecosystem.

Klarna accretion history

PayPal accent its merchant amount alternation capabilities in its February 2021 broker presentation with a accelerate blue-blooded “We’re architecture a absolute belvedere to ability the all-around agenda economy.”

PayPal platforms

Apple is a articles company. It’s not acceptable with abstracts the way Google and Amazon are acceptable at accession and applying data.

I generally half-joke that the acumen Apple positions itself as a “privacy friendly” aggregation is because it doesn’t apperceive what to do with the abstracts it has on its customers.

The Acclaim Kudos accretion is a small—but still important—step appear acclimation this absence in Apple’s agenda business arsenal.

This all said, I achievement the association at Apple aren’t bedlam too adamantine appropriate now.

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