Apple is running a new promotion in which App Store and iTunes users can get a 10 percent bonus when they add money to an Apple ID account.
MacRumors, citing an email Apple sent, reported that when customers add money from a credit or debit card to make a purchase from the App Store, iTunes or iCloud purchases, they will get the 10 percent credit. The offer is valid for purchases of as little as $1 and as much as $200. If a customer adds $200 they will get $20 extra. The promotion kicked off Sunday (March 10) and will run through March 14. The promo is not only in the U.S. — MacRumors reported in Germany Apple is offering a 15 percent bonus. The promo is not being offered in the U.K., Australia or Canada, noted the report.
With Apple’s iPhone business reaching saturation and with its latest crop of smartphones not resonating with consumers like in years past, Apple has been focusing on services for more recurring revenues. Payments are one of the areas that will help it reach $50 billion in services revenue by 2020. To meet that end on the payments side of things, in February The Wall Street Journal reported Apple is teaming up with Goldman Sachs to roll out a credit card that connects with the iPhone. The card is aimed at assisting consumers with managing money. The card is being tested with employees over the next few weeks and then launching in the spring.
As it stands, Apple get a percentage of transactions made with Apple Pay — but with a co-branded credit card with Goldman Sachs, its swipe fees would increase and Apple Pay would see greater adoption among end users and the merchants who accept Apple Pay. The Apple Pay card will use the Mastercard network with cardholders earning cash back of around 2 percent on purchases, and possibly more than that on Apple offerings.