Yup, this is reinforced by the cash rebates on transactions: 3% contactless at Apple (and participating) stores, 2% contactless at all others, and only 1% using the physical card.
My understanding is that Goldman Sachs has taken something of a bath on this. I have one but it's strictly for the purpose of making Apple gear purchases.
I also use for T-Mobile where I get 3% back and then Apple Pay at 2% is a pretty good cash back scheme. Send that cash straight to the 4% savings account.
I have a 2% back Fidelity card which puts it straight into the brokerage money market (basically government securities) account which is paying around 4%.
Yea there are lots of good options these days. The competition is great. Our financial footprint across organizations is pretty large. I'm looking to Apple to eventually allow stock trading or something similar in the wallet app or stocks app with it all linked up. It's not super Apple-y but I think they'll do it.
Its sole purpose is to be swiped. It's well made, but I don't think they want people using it.