Not only that Monday’s Apple Event is all about their new subscription services, but there’s something that Apple introduced to simplify the ways a credit card should be. Here’s what we know.
The Apple Card is a credit card made by Apple and has 3 characteristics that make it a revolutionary credit card. They consist of simplicity, transparency, and privacy.
Apple says Apple Card is “designed to help customers lead a healthier financial life, which starts with a better understanding of their spending.”
The Apple Card will roll out to the US this summer, in June 2019. Apple is reshaping the ways people should manage their financial lives.
To begin with, Apple is simplifying the credit card experience for customers. From the application process to paying less in interest rates, Apple Card provides cardholders a clearer, more straightforward rewards program than other credit card companies.
Firstly, Apple Card registration is done in the Wallet app, in your iPhone. Once you’re in, you can start paying with your Apple Card with Apple Pay, and when your titanium card comes in the mail, you can also start using it to pay in stores without Apple Pay. You can get help anytime by using Business Chat with Apple in the Messages app on iPhone.
You can also view your transaction history in the Wallet app more easier on your iPhone. Every purchase is organized and categorized by machine learning, which color codes your transactions by a point of interest and adding merchant logos and location data to every transaction. This data is not saved in Apple’s servers, nor the services. You’ll also get notifications every week and month for a summary of transactions you’ve made.
There’s a rewards program called Daily Cash. It gives back a small percentage of every purchase you make with your Apple Card, every day. This feature is way better than other cash back rewards programs, which means that Daily Cash can also be used for many other things rather than paying. Cardholders can use the cash back to send money to friends via Apple Pay Cash, when they make purchases with Apple Pay, add it to their Apple Card balance, and many more. Each Apple Card payment with Apple Pay is 2% cash back, and 3% cash back when used in an Apple Store, App Store or any other Apple service. Purchases made with the physical Apple Card can receive 1% cash back.
In addition, the Apple Card doesn’t have any fees and there are low-interest rates. Not even the fees you make internationally, annually, excessively, or even late fees. It’s crucial in the purpose of the Apple Card to have low-interest rates, because if a cardholder refuses to pay when a payment is due, then they’ll not be charged for a penalty rate.
Not only the Apple Card is about low-interest rates and lots of cash back rewards, but managing your Apple Card account is easier than ever. Apple Card lets you calculate the interest cost by adjusting the payment amounts in real time. It also encourages cardholders to pay more every month and schedule more payments.
Next, goes to the security of the Apple Card. Every Apple Card has a unique credit card number, which is then stored in the iPhone’s Secure Element in the Secure Enclave. Every purchase you make is secure because you authenticate with Touch ID or Face ID with a one-time unique security PIN. In this way, Apple will never know how much a cardholder paid, where they shopped at, or what they purchased. On the contrary, there’s also a physical credit card for Apple Card, which is made out of beautiful titanium and doesn’t have a CVV, credit card number, expiration date, and signature on the card. This card can also be used in stores that don’t accept Apple Pay.
Apple has recently partnered with Goldman Sachs and Mastercard to provide a seamless credit card experience. These companies will never sell, distribute, or share your information with third parties and allow cardholders to shop around the globe.
Thus far, the Apple Card will be available in the US this summer, and you can also read more about this on the Apple website.