A leak reveals Google is busy working on a new consumer payment card, but it’s not like the Apple Card, in one very key way…
Recently, TechCrunch released a leaked image of a new Google consumer payment card. According to the news report, the tech giant is in the midst of creating its own physical (and virtual) card, that will be integrated — unsurprisingly — with Google Pay. While it’s intuitive to immediately think of this as a direct answer and rival to the Apple Card, it isn’t. That’s because it is totally different.
Partial Google Smart Debit Card Details Revealed
Back in November of 2019, Google told The Wall Street Journal it was exploring options to work with various financial institutions. One striking aspect of the talks involved partnering with banks and credit unions to create smart checking accounts, linked to Google Pay:
“We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account. Our lead partners today are Citi and Stanford Federal Credit Union, and we look forward to sharing more details in the coming months.”
Herein lies the big difference between the existing Apple Card and the speculated Google Card — the former is a line of credit or credit card, while the latter is a debit card, tied to a checking account. So, it might or might not offer points or other rewards, but it will unlikely come with any interest charges. As for other fees — including ATM fees, that too, is unknown at this time.
However, the mere fact Google is working on a new payment card does raise the possibility it could, at some point in the future, release its own credit card.