Last year there was an interesting rumor that suggested that Apple might get into the financial game by launching its own credit card. It later turned out to be true with the launch of the Apple Card backed by Goldman Sachs. Now it looks like Huawei has decided to hop on the bandwagon as well by launching their own take, the Huawei Card.
In the case of the Huawei Card, it is being launched in China where it will be backed by UnionPay, China’s largest card payment organization. This means that there is a good chance we might never see it arrive in the US, although we suppose this shouldn’t be surprising given the frosty relations between Huawei and the US.
The Huawei Card will be similar to the Apple Card in that it will exist as a physical card that users can use to make physical purchases, as well as a virtual one that users can make online purchases with. There will also be several rewards linked with the card, such as travel benefits where after spending a certain amount, users will be able to access lounges at airports and train stations.
To get customers to use its card, Huawei will be waiving the first year of annual fees. They will also waive the following years as long as customers spend a minimum amount. There is no word on when it will be released, nor did Huawei mention if there are plans to bring it to other markets where it operates in.