The US bank Chase announced some time ago that it would expand into Europe and also address the German market. This could certainly be relevant for the Apple world, because after all it is an important Apple partner – or more precisely: it will soon be. After Apple and Goldman Sachs parted ways regarding the Apple Card, Chase stepped in as the new issuer. When it was announced in January, it was said that the transition would take around two years and that there would be no change to the basic conditions for users. Apple Card soon in Germany? Very unlikely…
Now that Chase is active with the first banking services in Germany, this of course immediately raises the question of what this means for a possible introduction of the Apple Card here. Immediately after the announcement, market observers had already stated that the chances were at least improving. However, you shouldn’t have too high hopes for new innovations in the near future, because two main factors speak against it. On the one hand, even in the USA, it will take until 2028, but on the other hand, such cards are less attractive for banks here given the significantly lower interest rates on credit card financing. “Only” 18 to 30 percent may seem downright cheap in the USA, but in this country it would be perceived as pure usury.
…especially since the market conditions are different
In addition, the strategic added value of an Apple Card is likely to be lower in Germany than in the USA – where the card was introduced in order to quickly spread Apple Pay. Apple Pay has long been available through most banks in this country, and financing offers in the Apple Store can also be provided through other partners. At the same time, Apple would have to adapt a product with Chase to local credit checks, Schufa processes, consumer protection regulations, data protection requirements, German-language support and European fee rules. The effort would be considerable, but with smaller platform effects than in the USA.
