Apple has recently launched a new first-of-its-kind credit card, in association with Goldman Sachs and Mastercard. It is very appealing for many customers as it has unique cashback offers. The biggest hurdle for the Apple Card is the other banks aren’t happy with Apple and here’s why.
Apple claims that this “Apple Card transforms the entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security.” Not just that Apple is offering cash back — which is called Daily Cash — every single day. It’s a different approach to the financial services business and perhaps might just have the financial bigwigs looking over their shoulder.
Available in the US later this year, Apple Card also offers a clearer rewards program than other credit cards with Daily Cash, according to Apple.
For those who want to sign up for the Apple Card, they can do so in the Wallet app of the iPhone. Customers will receive a percentage of every Apple Card purchase amount back as Daily Cash. Every time customers use Apple Card with Apple Pay, they will receive 2 percent Daily Cash. Customers will also get 3 percent Daily Cash on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services.
In places where Apple Pay is not available, the Cupertino-based tech giant has also designed a titanium Apple Card. Interestingly, there is no card number, CVV code or export date — things which are a norm on other credit cards.
Apple is also using machine learning to make it more easy-to-use. Not just that, it also uses Apple Maps to tell people where exactly users have spent with the card. Purchases are automatically totaled and organized by color-coded categories such as Food and Drinks, Shopping and Entertainment. To help customers better understand their spending, Apple Card provides weekly and monthly spending summaries.
As of now, it’s not clear when and how the Apple Card will come to countries other than the US.