Apple was long rumored to be working on its own credit card. After months of rumors, the company has finally revealed its own credit card called “Apple Card”. According to the announcement, this is the next generation of credit cards with a number of improvements and new features. Apple has teamed up with Goldman Sachs as the issuing bank and Master Card as the global payments network to make this card a reality.
According to Apple, the card will be built in the Apple Wallet app so this means that users do not need to carry the card in person. Instead, it will be available to function from the device at all the places that support Apple Pay. Users don’t need to wait to get the Apple Card and instead the entire process is as simple as tapping a button in the app. This means users can control all the aspects of the card directly from their smartphone.
Watch: Apple iPad Pro 2018 Hands-on
Apple claims that it has eliminated any kind of late fee, international fee, overcharge fee, or annual fee with this card. Jennifer Bailey, the Vice President of Apple Pay added, “Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone.”
She goes on to state, “Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay overtime and ways to help them pay down their balance.”
Availability and more details for Apple Card
The company revealed that it will be launching the Card in the Summer this year. Though, there are no details on if and when the service will launch elsewhere. After the user gets the card, they can immediately start using it in stores, online across the globe and in the apps. The Apple Wallet app will easily be able to make people understand their expense, the balance in the wallet and Apple Card, and more. Users can also contact the support service for Apple Card 24×7 with the help of just a text message.
Daily Cash on Apple Card
To boost the adaption of Apple Card, the company has also introduced rewards on using the Apple Card with an offer called “Daily Cash”. As part of this, users will get a small percentage of money as cash back every time they use their Apple Card to make a purchase. The amount of total money accumulated is added to the Apple Cash card every day. Users can also use this money for future purchases using Apple Pay, as balance in their Apple Card or to share the money with their friends and family from the Messages app.
According to the announcement, users will get 2 percent of the amount they paid to make the purchase using the Apple Card, countless number of times in any given day. In addition to this, users will get 3 percent cash back instead of 2 percent in case they are directly buying any product or app from Apple including Apple Stores for new hardware, App Store for the software, or while paying for other Apple services with Apple Card.
Expense tracking and low-interest rates
Considering that all the data is right there, the company revealed that Apple Wallet will be able to show detailed reports on expense tracking using on-device algorithms. This means that Apple does not know what the user purchased, where they made the purchase of even the amount of the purchase. This expense tracking allows Apple to show the money that users spent at different restaurants, shops, and more, on Apple Maps. Users can also segregate the money spent based on the category including food and drinks, entertainment, or general shopping to a comprehensive view of the weekly or monthly expenses. The app will also show easy to understand, dynamic monthly and weekly summaries about spending.
As previously mentioned, Apple Card does not have any late fees and in addition to that, there are no high-interest rates. The Apple Card will also allow users to pay automatically with multiple payment options and automatic suggestions regarding the best way to pay while paying as less interest as possible.
Apple Card made from titanium
Last but not least, Apple has also made a physical version of the card from Titanium material. Users can use this in remote areas including the places that don’t support Apple Pay yet. Apple will give 1 percent of the total amount paid using the Apple Card as Daily Cash to its users.