Banks should worry about Apple Card

WHEN the Apple Card was launched a few weeks ago, some pundits were unimpressed with all that fuss.

One analyst guessed that only true-blue Apple fans will sign up for the service, just to get their hands on the physical card made of titanium and their name tattooed on the card with laser etching.

But the Apple Card is not just a fancy card. It is designed to upend how traditional credit spending is sold to consumers. Goldman Sachs is behind it, and other banks should sit up.

The Apple Card hits at significant pain points for consumers that can today be solved with the smart use of technology.

The strategy also benefits from the lack of legacy from both Apple and…