Economy

Apple Announces Its Own Credit Card: the Apple Card

Apple Announces Its Own Credit Card: the Apple Card

Apple has decided Apple Pay wasn't enough, so it's chose to become a bank. Rossman pointed to Citi's Double Cash card, which offers 2 percent cash back on every purchase (not just purchases made with Apple Pay) or US Bank's Altitude Reserve Visa Infinite card, which "gives three points per dollar on mobile wallet spending (worth 3 percent cash back or 4.5 percent off travel)".

Apple Pay boss Jennifer Bailey showing off the new physical Apple Card.

Naturally, there are financial incentives to use the card. "Purchases are automatically totalled and organised by colour-coded categories such as Food and Drinks", said Apple.

The card is tied closely into Apple Pay, the company's digital wireless payments system.

Customers will receive a percentage of every Apple Card purchase amount back as Daily Cash. It's designed a new credit card for people to use. Instead of offering points, Apple's card will apply cash to the customer's card.

The tech giant said it sought to toss out numerous things people don't like about credit cards by doing away with late fees, annual fees and global fees, as well as penalty interest rates. Apple also announced the yet-to-be-disclosed interest rate will be among the lowest in the industry. By the end 2019, Apple expects to have Apple Pay available in more than 40 countries. It sounds like the company will use the same setup for its card, writing in a press release that "The unique security and privacy architecture created for Apple Card means Apple doesn't know where a customer shopped, what they bought, or how much they paid".

Apple is launching a virtual credit card
Apple Announces Its Own Credit Card: the Apple Card

Apple and Goldman Sachs will begin to offer Apple Card this summer. Apple says its partners will never share the card holder's personal information with third parties.

As widely predicted, the tech giant has teamed up with Goldman Sachs and Mastercard on the new venture, which takes it deeper into the financial lives of its customers as it focuses on fee-generating services.

Should trouble or a question arise, users can text Apple Card and get immediate replies.

Finally, for places where Apple Pay is not supported, Apple actually also unveiled a physical credit card. So minimal, in fact, that there's no printed credit card number, expiration date, or CVV security code.

All of that, of course, is stored in the Apple Wallet app, so Apple figures there's no need to have it on the card.

The card could get people to switch credit cards because of unique rewards and retooled some of the more daunting features of credit cards, like the convoluted monthly statement. You can sign up now on Apple's website to be notified when it's available. Apple Card will be available in the United States this summer.

More news: Tottenham boss Pochettino warns Man City: The new stadium factor!


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