There are a number of different ways that you can get cash back from Apple's debit and credit cards. For example, you can use your debit card to make purchases at over one thousand participating restaurants in the United States. Or you can use your credit card to make purchases at over three hundred and fifty participating gas stations in the U.S. Also, you may want to check into the special offers from your bank, such as checking accounts with free checks, or the free gift cards that many banks offer to their account holders. Apple cards are great because they give you the freedom to shop as you would like. But, here are some of the ways that the company may change their rules, in order to better serve their customers, in addition to offering better deals.
If you currently have an account with one of the major credit card issuers such as Visa or MasterCard, you know how expensive it can be to be issued a new credit card with a higher credit limit. In most cases, credit card interest rates are tied to the Bank Rates, which is a measure of interest that the banking industry uses to determine what your rate will be. For example, if you happen to have an interest rate set at six percent, it would take you over ten years to pay off your entire balance. Even worse, if you happen to have an extremely high balance, and have the ability to pay extra each month, you would still be paying interest for ten years. This simply wasn't working out for many people.
The credit card issuers are using the Bank Rates, as well as the cost of issuing the cards, in order to determine what their interest rate will be. However, this doesn't mean that they are happy with this arrangement. At least one banking industry official revealed to the Financial Times, “Banks don't like being under pressure from credit card issuers.” In fact, credit card issuers are now starting to use the low point above seven and eight percent as a basis for their interest rate moves. If you happen to have the low points, you're paying less than you should.
However, the solution is not for the credit card industry to increase the interest rate at the seven and eight percent point. There is another way that they can control their costs and still give you great deals on purchases, as well as incentives. That method is known as “bundling.” When you use a debit card, you tend to pay interest on any purchases you make outside of the card. However, if you go to the same restaurant that you use your physical card for and use the app instead, you won't be paying interest on that purchase anymore, since it was made using the app.
Many restaurants are now bundling their apps, or their payment options, with their physical card. In many cases, you can earn up to two or three times more with your debit card than you would with your credit card. All you need to do is decide which purchases you'd like to include in your app, and which ones you'd rather not. In most cases, you can choose whether or not to include any annual fees, and choose what additional features you want, such as reward programs, or special discounts.
Now, the beauty of bundling is that you will likely save money. The more you can get people to use your app, the more likely it is that they'll actually make purchases while using it. Not only that, but you could end up making a lot more sales if you offered a discount for signing up for twelve months or more. Apple has set up their app with features such as gift cards and free converters, so you could conceivably offer up to twice the amount in free gifts and converters for twelve months, or a quarter in free movies, as well as three hundred dollars in rebates over the course of 24 months, which would bring the average consumer a savings of two hundred dollars a year.
It's almost impossible to overstate how much money you could save simply by offering incentive plans, as well as free accessories and introductory prices on purchases, and by changing up your marketing approach. Instead of offering standard purchases at regular interest rates, you could offer free movie downloads, iPod accessories, or even access to the App Store for a week. If you really think about it, the benefits of such an offer are staggering, and it takes very little effort to implement a few different offers and see real improvements in your bottom line.
One of the best things that Apple has done for consumers is providing an estimated reading time on their App Store. With the ability to view your transactions in real time, as well as get information on the items you purchased, App Store customers are more inclined to spend their money. Even those who have already spent their purchase are more likely to spend again if they can see their estimated reading time, and the actual cashback value of their purchases. So, if you are interested in making the most of your purchases at the Apple Card Store, you need to make sure that you are shopping smart.