Apple's Latest Product Unlike Anything Company Has Done Before

Apple is introducing an Apple Card that is a Goldman Sachs-backed credit card issued by Mastercard. It's a genius marketing play which, with more cards delivered, more iPhones will be sold.

Apple Card will launch in August and it will be interesting to see how many people, and not just Apple users will sign up for the Apple Card. Those who aren't already Apple customers but want the card will likely move towards iPhones, which is kind of the point.

How do we know? Apple will incentivize customers to use their phone and other Apple devices to pay for things through Apple Pay — the service that allows you to connect your debit and credit cards to your iPhone so you don't need your wallet — instead of physically buying things with their card. Essentially, Apple wants you to think the card is a must-have, but still use your Apple devices to do your purchasing unless the retailer your purchasing from doesn't have Apple Pay.

So too, you don't actually need a physical card from Apple if you sign up for an Apple Card, but as a free option, you know everyone will want one.

What This Means

The kicker here is that if you want to be one of the thousands upon thousands of people who think this Apple Card is totally cool and you want to get your hands on one, you'll need an iPhone. You can't actually sign up for Apple Card if you're not an iPhone owner.

Again, this makes it clear that Apple isn't making the credit card to compete with other credit cards live Visa or American Express. This card essentially exists as a new and creative way to sell more phones. And who said Apple wasn't smart? Talk about a good way to ensure people don't switch to Android or Google.

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