Don't get me wrong, I'm really happy to hear the possibility of Apple expanding Apple Card outside the US, but I don't see how they are going to compete with the likes of Starling/Monzo/Revolut. Those already have strong offerings. I can see Apple have better cashback but that's still going to be really rough.
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Apple Acquires UK Banking Startup in Potential Hint at International Apple Card Launch
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I pay off my credit card in full every month, so I’m not interested in APR rates. I‘d only be interested in an Apple Card if they had good cashback deals (which seems unlikely in the U.K.), or if they had a neat UX which made using, viewing payments and paying off balances etc. really simple.
Interesting, but it looks like 1% and on a debit card. I currently use a John Lewis credit card which does give you points, but at quite tiny rates once it’s turned into shopping vouchers. I doubt we’ll see anything like the 2-3% on an apple credit card in the U.K. - would be happy to be wrong though.
The current gen 4K ATV is already powerful enough. AppleTV gaming is not taking off for reasons completely unrelated to hardware specs.
I hope they bring out Apple Card in Canada, I mean being USA's lil brother you figured this would be easy to do, but nah-uh Canadian financial system and politicians are soo damn slow for adoption of new technologies.
Not sure what Apple is doing buying Credit Kudos because Credit Kudos is not a bank, it is not a money lender, it is a credit reference company that gets hold of banking data and using it's algorithms it then assess whether the person or business is good for credit or not. This is from their website:
So whoever was the one that originally stated that Credit Kudos is a banking startup needs their head examining because the company does not provide any banking services whatsoever and before anyone jumps in to say they are because of the services they provide, credit referencing is a 'financial' service, not a 'banking service'. Banks never do their own credit checking because it is always done by a third party company registered with the FCA to offer such services.
The only thing I can think of as to why Apple would purchase such a company is that to offer Apple card in the UK/Europe, Apple would require a UK/European credit reference company to carry out the checks on UK and European citizens wanting the card because such a service cannot be done by a US company because the US company is not allowed access to UK/European citizens banking data, whereas a UK one would.
So whoever was the one that originally stated that Credit Kudos is a banking startup needs their head examining because the company does not provide any banking services whatsoever and before anyone jumps in to say they are because of the services they provide, credit referencing is a 'financial' service, not a 'banking service'. Banks never do their own credit checking because it is always done by a third party company registered with the FCA to offer such services.
The only thing I can think of as to why Apple would purchase such a company is that to offer Apple card in the UK/Europe, Apple would require a UK/European credit reference company to carry out the checks on UK and European citizens wanting the card because such a service cannot be done by a US company because the US company is not allowed access to UK/European citizens banking data, whereas a UK one would.
I do not know how the application process for Apple card is handled in the US but if I think Apple buying Credit Kudos is their first steps into trying to get Apple card into the UK and Europe, what concerns me is that Credit Kudos is currently registered with the FCA as an approved AISP which means they are allowed to have access to UK and European customer banking data when the customer agrees to allowing them to have access to their banking data and we know this will happen because when applying for a card a credit referency agency will request that you provide them with the authority to access your banking data so they can make an informed decision as to whether to provide you with the card or not. Usually this checking/verification process is handled by a third party referencing agency who whilst being allowed access to banking data as part of the companies agreed signup conditions by the FCA, this banking data is not passed onto other company that is requesting the check to be done. All the company gets is a yes or a no from the reference agency. But with Apple buying Credit Kudos who already have been approved by the FCA this means Apple will have access to a persons banking data, basically their banking history, what money has come into their account and what money has been going out. Thus, if someone in the UK or Europe was to apply for a Apple card, Apple will know exactly that persons full banking history because their banks statements will show exactly what they have been doing, it will show all the persons direct debits and standing orders, the lot.
Question people are going to have to ask themselves is do they want Apple to have all this knowledge about a persons banking behaviour?
Question people are going to have to ask themselves is do they want Apple to have all this knowledge about a persons banking behaviour?
Expansion is good. Waiting for it to launch in other countries too.
PITA, we use Credit Kudos at work, we haven't that long finished our integration and now I suspect Apple will want to use this internally only, so we'll have to migrate, as they've removed the various blog posts about partnerships ?♂️
Damn you Apple! ?
Damn you Apple! ?
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May even be more to do with Apple's rumoured hardware subscription service rather than the Apple Card - a hardware subscription would require some kind of vetting of customers credit before letting them take delivery / walk out the store.
Starling, Monzo, and Revolut are all banks, although Revolut don’t actually have a banking licence. Honestly I can’t see Apple going to this length to have a credit card and credit reporting service without actually offering traditional banking services. I honestly believe this is a step towards that.
In reality Apple would be wise to buy Monzo who are struggling to make a profit right now, but have a customer base and a banking licence.
Starling are profitable and to me the better bank, and also have a banking licence whilst also in the process of applying for a banking licence in Ireland, which would allow them to offer banking services across the EU as well. However they do not have the customer base as much as Monzo, but Starlings customers are more inclined to use them as their main account, where as Monzo account holders are more likely to use them as a secondary bank account.
Monzo would likely be willing to sell considering they are not really gaining profitability, where as Starling are and I believe the founder of Starling would be less likely sell up and lose control of the company.