Tech

Apple Deploys Virtual Credit Card to Some Interested Users

Apple Deploys Virtual Credit Card to Some Interested Users

The company said the card, issued in partnership with Goldman Sachs, will be made available to all iPhone users in the USA later this month. If you signed up, you could check your email to see if you received an invite.

Apple hasn't started marketing the card properly yet because it's not quite available (although a small group have started testing it). All the transaction history and spending summaries are generated exclusively in the Wallet app on the customer's iPhone. The signup process requires iOS 12.4 and involves entering your address, birthday, income level, and last four digits of your Social Security number. You just also have to accept that you'll probably need to watch 10 minutes of video to know how everything works and that you'll probably never leave the Apple ecosystem.

"The Apple Card has not even launched yet, and 38% of US adults are already aware of it".

How is it different from Apple Pay?

Over the other side of the coin, credit card issuer for Apple Inc., NY-based Goldman Sachs, one of the largest lenders in the world, would benefit by enhancing its operations on its Marcus consumer banking brand, a low profit-margin, yet a safer financial service, which it had launched back in 2015 in order to even out the odds of its high profit-margin, but riskier, trading and investment banking segment.

More news: USA officials warn of Iranian threats to commercial vessels, including Global Positioning System interference

What sets Apple Card apart from other cards is its reliance on the iPhone. Customers who applied to be notified will now get a chance to apply for the card in their wallet app going forward. Though customers can request a physical card for free, an iPhone is required to apply, check statements and pay balances.

Apple offers an option for a physical card made of titanium, but the physical card has no visible number. Something that's all the more impressive for Apple given that it lags some leading card industry players in perks like offering a sign-up bonus, which suggests that the Apple brand alone is nearly strong enough to sell the card, along with an expectation of ease-of-use, consumer-friendliness and of course the company's stance on privacy.

Another good thing about the Apple Card is the fact that you won't pay any fees for it. Those interest rates are usury, right in line with the rest of the credit card industry. "But those aren't better or worse compared to competitors", Liao adds.

The card on the screen has a clever mechanism that gives you a sort of live heat map of your spending categories.


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