The Margin: What sets the Apple credit card apart? It wasn’t created by a bank, company says


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Apple CEO Tim Cook announced in March that the technology giant would release its own credit card.

It has become obvious that Silicon Valley is going to disrupt the banking business. First, it was the likes of Paypal. Then, Facebook FB, +0.68% with the Libra digital currency. And now it’s Apple AAPL, +0.43% with Apple Card.

According to analysts, what sets the Apple credit card apart from other cards is that it relies on the iPhone. Using Apple ID, according to this makes the card secure. But that’s not what the company chose to highlight in its pitch to consumers.

Instead, in new television advertising for its credit card that ran Sunday during NFL games, Apple decided to notify its audience that Apple Card has no link to historical, and pejorative, banking stereotypes.

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Mr. Potter, the Lionel Barrymore–portrayed antagonist in the 1946 holiday classic “It’s a Wonderful Life,” was, of course, a banker.

“Apple Card is here. It’s a new kind of credit card. Created by Apple — not a bank,” says the voice-over in the 30-second spot.

Of course, Apple Card — no definite article, apparently — isn’t entirely divorced from the banking industry. The credit card, unveiled in March and launched last month, is the product of a partnership with Goldman Sachs.

GS, +2.30% GS, +2.30% Read: Apple, Goldman launch highly anticipated credit card

Analysts said that the card is a way for Goldman GS, +2.30% GS, +2.30% to build its Marcus mass-market consumer-focused bank. For Apple Card, Goldman will focus on “the bank end,” approving applications, payment processing and monitoring transactions for fraud.

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