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In this tutorial we’re going to look at how we can create a single Excel Slicer for Year and Month, as opposed to the default of having the Year and Month in separate Slicers.
Let’s rewind a tad and look at how we got here in the first place. Below is an extract of my data; it’s a list of trading volumes spanning 13 months from April 2014 to April 2023.
Note: my dates are dd-mm-yy.
This adds a new field to the Field list for the Years and the Date column now displays the Months in the PivotTable:
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Slicers for Years and Months
Here’s the rule, you can only have one field per Slicer. In other words, you can’t combine fields from the Field List into one Slicer. So as it stands if we wanted to add Slicers for Years and Months then we could, but it would look like this with two separate Slicers:
You might have noticed there are two things that aren’t ideal with the one Slicer per field method:
You might have noticed the Less Than and Greater Than buttons in the Slicer. They are automatically inserted when you group your dates, and there is no way to remove them. The best you can do is make the Slicer smaller so you can’t see them, but then you have a scroll bar in the Slicer (see below) and you know some nosey parker is going to scroll down and then get confused:
The Solution
Since Excel won’t allow you to combine fields into one Slicer the solution is to DIY in the source data. It’s easy enough; just add a new column (C) and insert a formula that only displays the Year-Month from the date column:
Now you can refresh your PivotTable and go ahead and add a Slicer for the new Field (tip: you don’t have to put that field in your PivotTable, you can use it just for the Slicer):
Things to note:
The formula is a TEXT function that converts the date into text and formats it as yyyy-mm. If you just formatted the date as yyyy-mm with a custom number format (as opposed to converting it to text as well), then the PivotTable will ignore the formatting for the purpose of the Slicer and simply display a button for every unique data in the source data (but formatted as yyyy-mm so you can’t see the dd portion of the date):
I intentionally put the year then the month number, as opposed to month name, or month then year, so that the Slicer sorted the dates in numerical order (even though it’s text). If you format the date as yyyy-mmm e.g. 2023-Apr then the Slicer will have the dates sorted alphabetically like this:
If you prefer your dates like this then the solution to sorting them correctly is to use a Custom List to fix the sort order.
Timelines (new in Excel 2013)
Now, if you’ve got Excel 2013 you might be thinking there’s another alternative, and you’d be right, kind of (I’ll rant about them in a moment). Timelines are a new type of Slicer in Excel 2013 specifically for dates.
You’ll find them on the Insert tab beside the Slicer button, or in the contextual PivotTable Tools: Analyze tab:
Timelines enable you to toggle between Years, Quarters, Months or Days:
And if your data spans entire years they’re almost brilliant, but… I have a list in order of annoyance:
They’re stupid. I mean they lack intelligence to only present dates that are actually in your data. My data spans April 2014 to April 2023 but the Timeline shows me Jan 2014 to Dec 2023 and it lets me select those dates and end up with an empty PivotTable:
In their default format they take up 7 rows! Sure you can turn off the header, scrollbar, time level and selection label and they trim down to 3.5 rows, but with that you lose functionality like the ability to toggle between Years, Quarters etc.:
Like Slicers, you can format them to make the font smaller etc. but (unbelievably) this makes a miniscule difference to their height! Here’s one with 8pt font and it’s still the best part of 7 rows high and if I try to make it any smaller it just cuts off the scroll bar/header:
For now let’s stick with Slicers until Timelines are given some more intelligence and formatting flexibility.
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Excel Search A Cell For A List Of Words
A while back Vernon asked me how he could search one cell and compare it to a list of words. If any of the words in the list existed then return the matching word.
Ugh, I’ve written that 3 times and I’m not sure it’s any clearer…let’s look at an example.
I’ve highlighted the matching words in column A red.
What we want Excel to do is to check the text string in column A to see if any of the words in our list in H1:H3 are present, if they are then return the matching word. Note: I’ve given cells H1:H3 the named range ‘list’.
There are a few ways we can tackle this so let’s take a look at our options.
Update: It’s easier and more robust to use Power Query to search for text strings, including case and non-case sensitive searches.
Non-Case Sensitive Matching
If you aren’t worried about case sensitive matches then you can use the SEARCH function with INDEX, SUMPRODUCT and ISNUMBER like this:
SEARCH cell A2 to see if it contains any words listed in cells H1:H3 (i.e. the named range ‘list’) and return the number of the character in cell A2 where the word starts. Our formula becomes:
=INDEX(list,SUMPRODUCT(
ISNUMBER(
{20;#VALUE!;#VALUE!}
)
*ROW($1:$3)))
i.e. in cell A2 the ‘F’ in the word ‘Finance’ starts in position 20.
Now using ISNUMBER test to see if the SEARCH formula returns any numbers (if it does it means there is a match). ISNUMBER will return TRUE if there is a number and FALSE if not (this gives us a list of Boolean TRUE or FALSE values). Our formula becomes:
=INDEX(list,SUMPRODUCT(
{TRUE;FALSE;FALSE}
*ROW($1:$3)
))
Use the ROW function to return an array of numbers {1;2;3} (see notes below on why I’ve used ROW in this formula). Our formula becomes:
=INDEX(list,SUMPRODUCT(
{TRUE;FALSE;FALSE}
*{1;2;3}
))
When you multiply Boolean TRUE/FALSE values they become their numeric equivalents i.e. TRUE = 1 and FALSE = 0. So our formula evaluates this ({TRUE;FALSE;FALSE}*{1;2;3}) like so: {1*1, 0*2, 0*3} and our formula becomes:
=INDEX(list,SUMPRODUCT(
{1;0;0}
))
SUMPRODUCT simply sums the values {1+0+0} which gives us 1. Note: by using SUMPRODUCT we are avoiding the need for an array formula that requires CTRL+SHIFT+ENTER. Our formula becomes:
=
INDEX(list,
1
)
Index can now go ahead and return the 1st value in the range of cells H1:H3 which is ‘Finance’.
Note: the above formula will not work if a match isn’t found. If you want to return an error if a match isn’t found then you can use this variation:
Not as elegant, is it? In which case you might prefer one of the array formulas below.
Notes about the ROW Function:
The ROW function simply returns the row number of a reference. e.g. ROW(A2) would return 2. When used in an array formula it will return an array of numbers. e.g. ROW(A2:A4) will return {2;3;4}. We can also give just the row reference(s) to the ROW function like so ROW(2:4).
In this formula we have used ROW to simply return an array of values {1;2;3} that represent the items in our ‘list’ i.e. Finance is 1, Construction is 2 and Safety is 3. Alternatively we could have typed {1;2;3} direct in our formula, or even referenced the named range like this ROW(list).
So you see using the ROW function is just a quick and clever way to generate an array of numbers.
What you must bear in mind when using the ROW function for this purpose is that we need a list of numbers from 1 to 3 because there are 3 words in our list and we’re trying to find the position of the matching word.
In this example the formula; ROW(list) will also work because our list happens to start on row 1 but if we were to start ‘list’ on row 2 we would come unstuck because ROW(list) would return {2;3;4} i.e. ‘list’ would actually reference cells H2:H4.
So, don’t get confused into thinking the ROW part of the formula is simply referencing the list or range of cells where the list is, the important point is that the ROW formula returns an array of numbers and we’re using those numbers to represent the number of rows in the ‘list’ which must always start with 1.
Functions Used
INDEX
SEARCH or FIND
ISNUMBER
SUMPRODUCT
ROW – Explained above.
Case Sensitive Matching
[updated Dec 5, 2013]
If your search is case sensitive then you not only need to replace SEARCH with FIND, but you also need to introduce an IF formula like so:
Unfortunately it’s not as simple or elegant as the first non-case sensitive search. Instead the array formulas below are nicer
Array Formula Options
Below are some array formula options to achieve the same result. They use LARGE instead of SUMPRODUCT, and as a result you need to enter these by pressing CTRL+SHIFT+ENTER.
Non-case Sensitive:
[updated Dec 5, 2013]
=INDEX(list,LARGE(IF(ISNUMBER(SEARCH(list,A2)),ROW($1:$3)),1)) Press CTRL+SHIFT+ENTER
Case sensitive:
[updated Dec 5, 2013]
=INDEX(list,LARGE(IF(ISNUMBER(FIND(list,A2)),ROW($1:$3)),1)) Press CTRL+SHIFT+ENTER
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Thanks
Special thanks to Roberto for suggesting the ‘updated’ formulas above.
10 Useful Steps To Create Interactive Excel Dashboard (Easy)
How to Create Interactive Excel Dashboard
Most of us probably rely on our trusted MS Excel dashboard for the day-to-day running of our businesses. Still, like many, we struggle to turn that data into something that will interest people and want them to know more about it. So how do you attain this seemingly impossible goal? It is where the Interactive Excel dashboard comes in. The first question we must answer before we delve into the depths of it is what an excel Dashboard is. A dashboard may be a visual display of the vital information an individual needs to convey to the client to achieve one or more objectives that can fit entirely on a single computer screen and allow monitoring at a glance.
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Dashboards are not native to Excel; one can also create them on PowerPoint. Excel Dashboards offer a more dynamic approach to presenting data than PowerPoint Dashboards’ more linear and unmoving nature. An interactive dashboard in Excel is a visualization slice that enables your data to tell a story. A dashboard is only helpful if it is dynamic, easy to use, and compatible with your PC. Before making a dashboard, you must consider the end user’s decisions based on the data, look, and feel. You will also need to remember how familiar they are with the data and its context. For example, a monthly report for your boss, who is already familiar with everything, will look very different from the one you make to pitch a new idea to a potential client.
Another thing to remember is that the data should be the star of the Excel dashboard. There is no need to clutter the screen with unnecessary components, so keeping it simple is best. You will also want to strike a perfect balance between making it look striking (to hold your audience’s attention) and not so stylized that it takes away from the presented data. When we tell a story, we must always consider the tastes and distastes of the audience and adapt our presentation accordingly. For example, if you are presenting to a formal organization, keep the Excel dashboard as simple as possible without compromising subdued attractiveness.
Armed with the proper knowledge about how to go on about creating a stunning Excel dashboard, you can create an Excel dashboard of your own without it being tedious or difficult! We provide you with a step-by-step analysis below:
1. Bringing in Data 2. Select a BackgroundSelect an appropriate background that will make your Excel dashboard appear attractive without focusing away from the data. Your data should be the star. You can use subdued shades like blue, grey, and black or take it up a notch like orange, green, and purple. It is your choice, but remember the audience to whom you will be presenting it. I suggest you stick to subdued hues if it is for official purposes.
3. Manage your Data and Link it to your Excel DashboardIf you are using a pivot table, use the GETPIVOTDATA function. If you use a flat file, there are several formulae you can use, like DSUM, DGET, VLOOKUP, MATCH, INDEX, or even a dew math formula like SUM, SUMIF, etc.
But be careful here, do not punch in the formula after the formula. Fewer formulas mean a safer and more reliable Excel dashboard which is also easier to maintain. You can automatically reduce the formula number by using pivot tables.
Also, another essential point is that you should name all your ranges. Always, always document your work. Simplify your work by making your Excel dashboard formulas cleaner.
4. Use Dynamic ChartingDashboards that a user can’t interact with don’t make much sense. All your Excel dashboards should have controls enabling you to change the markets, product details, and other nitty critters. What is most important is that the user must be able to be in complete charge of their own Excel dashboard and make changes whenever and wherever they want.
If you are creating interactive charts, you will need dynamic ranges. You can do this by using the OFFSET() function. You can also add a few cool things to your Excel dashboard, like greeting the user and selecting the corresponding profile when they open the Excel dashboard. Macros can do all this. You only need to record a macro and add a FOR NEXT or a FOR EACH loop. If you have never recorded a macro before, many sites online give you perfectly tailored macros as per your needs.
This is all you have to do, most of the time:
Define what cells should be selected using the RANGE function;
Use a variable (i) instead of a row number;
Add a loop.
5. Design your Excel Dashboard ReportIf you are still using Excel 2003 or 2007, their default charts could be more attractive, so I suggest you avoid them like the plague but make sure to use acceptable formats. Excel 2010 and 2013 are much better, but they still need work. Remember, a chart discovers actionable patterns in the data, and you should do your best to bring out most of it. It also means you should remove all the jazzy, glittery stuff that adds no value to your Excel dashboard. Instead, you can create a hierarchy of focus and contextual data that is relevant and develop a form of essential interaction, if not much.
6. Dashboard StorytellingStorytelling which is pregnant with data is the best kind. We can recover many data types with better access to data and better tools to make a point. However, even though data is good, it is excellent, but you must keep all of it private. When deciding how to make an Excel dashboard, start by reviewing the purpose of the said dashboard. The goal shouldn’t be to overwhelm the audience with data but to provide data in such a form as to give them the insight you want. It is valid for all data-based projects.
Let your audience explore the data independently by offering their filters and controls. It is where interactive visuals come into the picture. If you are a newcomer to interactive Excel dashboards, you can still spot trends and learn how to build a stunning dashboard. If you are a pro, you can drill deeper into the data for better charts.
7. Select the Right Kind of Chart TypeBefore we decide which chart to use in our Excel dashboard, let us review all the charts used in dashboards and when to use what.
1. Bar ChartsBar charts, as we all know, are bars on the x-axis. One of the most common misgivings about Excel dashboards is that the more is better; the truth is, that is seldom true. Bar charts are simple and very effective. They are handy for comparing one concept to another and trends.
2. Pie ChartsCreate these charts carefully and sparingly. Well, no matter how you feel about pie charts, you should only use them when you need a graph representing the proportions of a whole. Use with extreme frugality.
3. Line Charts 4. TablesTables are great if you have detailed information with different measuring units, which may be difficult to represent through other charts or graphs.
5. Area ChartsArea charts are very useful for multiple data series, which may or may not be related to each other (partially or wholly). They are also useful for an individual series representing a physically countable set.
So choose wisely, and you will be good.
8. Colour TheoryI love colors. Who doesn’t? Colors in an Excel dashboard make it livelier than the drab and overused grey, black and white. I could write an entire book on color theory, but that’s already fine. You must know which colors work together and which do not. For example, you cannot pair bright pink and red together unless you want an assault on the eyes. While selecting a color coding, you must remember that 8% of men and 0.5% of women are color blind.
Most people can perceive color but cannot correctly distinguish between two shades of the same color. These people can sense changes in brightness, though, just like you and me. Avoid having shades that overlap, like the example I gave above. That would look ugly and be utterly useless for the users we discussed above.
9. Dashboard DesignSo now you know how and when to use each chart and the colors to pair them with. But one more critical thing is where you place everything on the Excel dashboard. Place everything strategically. Arrange the data that you want to compare with that in mind.
10. Have Fun and Let Your Creativity Flow Recommended ArticlesHere are some articles that will help you to get more detail about Create Interactive Excel Dashboard, so go through the link.
Telemedicine Reimbursement 2023: A Year Of New Promises And Challenges
This year promises to be a breakout year for telemedicine reimbursement.
We’re finally beginning to see the culmination of years of research and trials around telehealth solutions, and as a result, the emergence of new promises and challenges. As the environment changes, so will reimbursement from both government and private payers. It’s essential that all healthcare stakeholders stay on top of these moving forces if they want to respond in ways that will positively impact businesses and organizations.
New Promises
Telemedicine is a growing market, both fiscally and geographically, but one of the most interesting elements is its spread across the world. Because this growing technology platform eliminates the barriers of physician-patient contact, the globe is the limit. While reimbursement in this area might be more complex, it is also an opportunity for insurance providers to offer their clients a wider, more diverse selection of care options.
Most importantly, 2023 looks to be the year in which we conquer one of the biggest obstacles to telemedicine reimbursement — ethical use. The American Medical Association (AMA) recently announced its adoption of a set of ethical guidelines to be used in telemedicine to encourage effective and safe interactions between doctors and patients. The AMA has also adopted a policy for coverage and reimbursement of telemedicine services that encourages the Centers for Medicare & Medicaid Sevices (CMS) and other stakeholders to treat them similarly to traditional consultations.
Evolving Challenges
Of course, challenges remain, and one of the greatest lies in navigating rural health.
While telehealth holds great potential for rural areas, it still faces challenges around Medicare coverage. Specifically, Medicare currently limits reimbursement to only a specific subset of live video encounters that are performed while the patient is at a clinic or facility in a rural area. This has contributed to multiple states (29) passing telemedicine parity laws mandating the reimbursement of telemedicine visits by commercial insurers. Still, there is no generally accepted reimbursement standard for private payers.
All of this is happening in an environment where telemedicine visits for Medicare beneficiaries in rural areas jumped from 7,015 in 2004 to 107,955 in 2013. A recent study published in The Journal of the American Medical Association found that the majority of those beneficiaries were under 65 and recipients of Medicare coverage due to disability. Use of telemedicine services was also found to be higher in the 12 states with parity laws as of 2011.
As it lags, the federal government is feeling additional pressure to bring Medicare reimbursement up to speed. In May, 22 health systems, in conjunction with other key healthcare individuals and organizations, addressed the Director of the Congressional Budget office in a letter that focused on the importance of the use of commercial data to evaluate the effectiveness of telehealth. As the letter explained, “The lack of Medicare data is understandable given the outdated statutory restrictions on telemedicine: since federal law prevents many providers from being paid when they use telemedicine to serve Medicare beneficiaries, obviously, little data is available.”
Learn more about how our healthcare technology solutions can help support an effective telehealth strategy here.
The Promise And Peril Of Creating Art 365 Days A Year
The creative journey can often be challenging, filled with the endless pursuit of perfection and the pressure to produce work each day. But what if the key to unlocking true artistic growth actually lies in embracing the power of daily practice?
Creating something new every day may sound daunting, but for artists Noah Kalina, Jonathan Mann, and Justin Aversano, it has become a way of life. Each has committed to a daily practice — to an art project that they add to every day of the year. This daily practice has shaped their art as well as their relationship with themselves and their communities.
Through Kalina’s Everyday series, Mann’s Song a Day project, and Aversano’s Every Day is a Gift collection, these artists have learned valuable lessons that can be applied to every artist’s creative endeavor and daily life. We spoke with them to learn more about these lessons and the struggles and rewards they’ve faced since committing to these ongoing projects.
Noah Kalina‘s EverydayNoah Kalina is a photographer and artist who is best known for Everyday, a self-portrait series that spans decades. Kalina began taking a daily photo of himself when he turned 19, on January 10, 2000. Now 42, his collection includes over 8,400 self-portraits.
Kalina first shared these images in a timelapse on YouTube six years after he began, on July 31, 2006. Since that time, he has shared three other videos. All-in-all, these pieces have more than 45.7 million views.
But growth doesn’t happen overnight, and it can take a long time to see the results of a daily practice.
Credit: Noah Kalina
For Kalina, it took years of dedicated work before the world responded. “Years before I put the YouTube video up, in 2006, a friend suggested I should make it a timelapse, and I thought: ‘that’s so dumb,’ he told nft now. “When I did post it, nothing happened for a week. Then it went viral. I had hundreds of emails, my website was down from the traffic, I was fielding calls from Oprah and Ellen, and The Simpsons even made a Homer version.”
Kalina says that he credits the project’s popularity to both his own dedication and the work’s relatability. “Doing something over and over again is inherently fascinating to others. When the idea is so simple, and all it takes is commitment, it’s easy for the viewer to put themself into the shoes of the artist and reflect upon their own life,” he explained. In this respect, Kalina argues that his commitment and persistence paid off.
On January 10, 2023, Kalina added a new dimension to the project with the launch of everyday.photo, an interactive gallery of his Everyday project. The site, an evolving capsule of Noah’s life, offers a new way to explore time’s subtle yet profound impact. Each day is tagged with identifying traits, such as Kalina’s location, clothing, accessories, and beard length. Visitors to the gallery can mint each self-portrait as an NFT.
Regarding what’s next for the Everyday project, Kalina shows no signs of stopping. In fact, it sounds like he’s in it until the very end. “There’s always the question with projects like this of ‘when does it end?’” he tells nft now. “I’m not really obsessed with doing it, and I’m not obsessed with myself. I just started it, and at this point, it makes no sense to stop. And I think we all know how this ultimately ends.”
Jonathan Mann’s Song a DayJonathan Mann is a singer-songwriter and internet sensation known for his 14-year commitment to daily work. He rose to prominence with his Song a Day project, for which he writes and records a new original song each and every day. The song is then minted as NFT, paired with an accompanying illustration, and auctioned over the following 24 hours.
Credit: Jonathan Mann
This unwavering dedication to his craft has earned Mann tens of thousands of followers and established him as a leading voice when it comes to daily practice and artistic self-expression. But Mann doesn’t believe his work and practice are necessarily unique. “Most people I know, who are artists of all kinds, have some kind of daily practice. It’s never as structured as my ‘One Song a Day,’ but everyone I know works on some piece of a project every day. I think it’s just what artists do,” he tells nft now.
While Mann’s consistency and commitment gave rise to his popularity, he partially credits his success to embracing the imperfections — to letting go and allowing the work to be whatever it will be. “You never know what will happen when you sit down to make something. But the key is giving myself leeway, giving myself space to just let the song be whatever it needs to be that day. Whatever there is room for. Not putting too much pressure on myself. There’s not really anything more to it,” he explains.
While others may see Mann entirely through the lens of this project, he tells nft now that it’s important for him to remember that what is is known for is not the same as what he is.
“It’s pretty much the only thing I’m known for, so I’d say that, in a wider sense, it defines me entirely. But also, I like to regularly remind myself, in a Ram Dass kind of way, that we are only ever playing a part. All the ambition, and creativity, and even our relationships, it’s all just stories we tell ourselves and each other,” he said. “If you strip everything away, somewhere in there is the true ‘me,’ and that has nothing to do with being a father, a son, a husband, a song-a-day guy, an NFT bro, a musician, a Bob Dylan fan, etc. The things we do define us only inasmuch as we live in a society. But there’s a deeper thing going on, and I try to remember that.”
Justin Aversano’s Every Day is a GiftJustin Aversano is a photographer, curator, creative director, and social entrepreneur who is perhaps best known for his Twin Flames collection, the highest-selling photography NFT collection of all time. He also co-founded the digital art curation platform Quantum and the non-profit SaveArtSpace, which aims to bring community art into more public spaces.
Credit: Justin Aversano
In addition to these accolades, Aversano created Every Day is a Gift, a collection of polaroids taken each day over a year that show different people celebrating their birthdays. The pursuit often led to him wandering the streets holding an “Is it your birthday?” sign.
Reflecting on that time, Aversano tells nft now that the project ended up dominating his life and habits. “Every single day, my only focus and goal were to find someone and make art. When that comes before eating, showering, or anything, you become obsessed with the process and obsessed with the project,” he explained.
Ultimately, Aversano noted that the biggest lesson he took from his daily practice is to “learn to live with the things you hate, learn to live with the things you think make you fail, and when you look at them and confront them, that’s actually what makes you better, that’s actually what makes you more diligent in your craft.”
Four Wins And Three Misses For Apple Card In Year One
Apple Card has been available for just over a year now and looking back over the last 13 months, a new report highlights several aspects Apple and Goldman Sachs have nailed. However, that doesn’t mean there aren’t some areas ripe for improvement.
An Apple Card analysis from chúng tôi by Ted Rossman dives into what has made it successful over the first year, and notably, some ways the pandemic has helped the appeal of Apple Card.
Apple Pay focusFirst, Apple using a digital first strategy with Apple Pay has proved successful, particularly as consumers have been using contactless payment more amid COVID-19:
The pandemic has greatly accelerated consumers’ appetites for contactless payments, mostly because many are afraid to touch bills, cards and payment terminals due to potential germs. Visa said contactless usage jumped 150% from March to July 2023.
Apple Pay is not the only mobile payment method, of course, but it’s the most popular. It’s also possible to pay by tapping a card itself, although the vast majority of American contactless users prefer to use their phones.
Rossman suggests with Apple Card holders getting 2% Daily Cash when using Apple Pay and the increase of contactless payment use in the pandemic, the behaviors could become long-term habits.
Simple cash back formulaWhile Apple Card has seen some criticism for having middle of the road rewards, the straightforward Daily Cash feature is paying off.
Differentiating Apple CardApple Card was promoted as a simpler and kinder credit card and Apple has followed through with that. Rossman notes Apple Card users getting pandemic relief from monthly payments without interest, something that has set it apart from the competition. There’s also super easy access to customer service directly from iPhone, no fees, and tools to help customers pay less interest.
From the beginning, Apple Card proclaimed that it would be a kinder, gentler credit card with no fees. Its financial management tools would actively encourage customers to pay less in interest, and it would be easy to contact customer service via text messages and phone calls.
During the pandemic, Apple Card’s customer assistance program has excelled. Upon request, cardholders have been able to skip payments without interest, potentially for many months in a row – a perk that has stood out in the industry for its generosity and longevity.
Greater security is also an important aspect of Apple Card with no numbers on the optional Titanium card and the natural security that comes with Apple Pay.
RewardsThe report mentions Apple has done a decent job of expanding its 3% Daily Cash partners. The latest was Panera Bread in August this year. There are now 7 retailers that offer the 3% cash back in addition to Apple. However, Rossman argues Apple’s average rewards rate is still lagging behind its competiors.
Still, while Apple’s expanded list of merchants offering 3% cash back is a start, I don’t personally spend a significant amount of money at any of them, and I’d be willing to bet most people would say the same.
Blending the 3% merchants, the 2% Apple Pay rewards and the 1% physical card return, I suspect most Apple Card users end up below 2% on average. That lags the following cards which extend 2% cash back on all purchases: Citi® Double Cash Card (technically 1% when you buy something and 1% when you pay it off), the PayPal Cash Back Mastercard and the Fidelity Rewards Visa Signature card.
This past summer Apple also expanded its 0% interest offer from just iPhone to now include iPad, Mac, and more.
Meanwhile, the report points at Apple Card’s $50 sign up bonuses it ran this summer as weak. We could chalk this one up as both a modest success in the first year and also a major opportunity going forward.
Joint accounts and additional cardsThe report from Rossman didn’t dive into these next two opportunities, but they’re important to mention. First, there’s still no joint account support or ability to request additional cards.
There is certainly an untapped market for Apple Card users who share finances. Part of the issue is likely that Apple Card is tied to an Apple ID. Maybe Apple could figure out how to roll Apple Card joint accounts and additional cards into its iCloud Family Sharing. That would make it easy for not only partners to use but also allow parents to give their kids access.
Integration with budgeting softwareWhile Apple Card has definitely made progress over the last year by launching the ability to export transaction data as CSV and OFX files, it’s still behind the times. For example, you can pull in Apple Card to budgeting software like Mint, but it doesn’t include transaction data for now. So you just see things like balance, available credit, and your interest rate.
Hopefully, we’ll see Apple improve integration with Mint and other budgeting software to be as feature-rich as competing credit cards in the coming months.
Wrap-upShortly after Apple Card launched last fall, Goldman Sachs’ CEO called it the “most successful credit card launch ever.” While it’s hard to say for sure if that’s the case (and by what metrics) Apple Card has certainly had a solid debut with a lot of potential going forward.
And in the short term with Apple’s September event expected to bring a new Apple Watch and iPad Air and the iPhone 12 around the corner, a new wave of customers may pick up Apple Card thanks to the enticing 0% interest offer.
If you want to apply for Apple Card, we’ve got a detailed walkthrough here.
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