Apple Announces The Apple Card
On 25th March 2019, at Apple’s press conference many new things starting from Apple TV+ to Apple News+ magazine were announced. One of the things that caught the attention was Apple Card.
Apple is entering into credit cards. So now it’s not only Apple pay, there’s Apple Card as well. Basically, this Apple Card is a credit card that can be stored in your digital wallet which is accessed through your iPhone.
Although Apple Pay is accepted everywhere, for those places where Apple Pay won’t work, Apple offers a physical credit card. The card can also be linked to your Apple Wallet and Apple Card info.
Apple Card is a titanium card with your name laser-etched on the front. This card has no card number, no CVV security code, no expiration date, and no signature. The card will use machine learning and Apple maps to mark the stores that you see in the application. It later uses this data to track all the purchases made in different categories. Isn’t that really a SMART CARD?
The card hypes about no late fees, penalty fees, flexible payment plans, and clear financial statements. The Apple Card also features a low interest rate with rewards program. The Apple Card rewards program is called Daily Cash with “cash back” paid out every day which means it is a points-based reward program. So it’s like, you get a 3 percent pack on Apple purchases, 2 percent when using Apple Pay, and 1 percent on every purchase made via physical Apple Card.
Goldman Sachs is the issuing bank for Apple Card while MasterCard will handle payment process. Also, like many of the Apple’s products privacy is also taken care of. All the spending and other information of this card is directly stored on the device and not the Apple’s servers. Apple also promises that the issuing bank (Goldman Sachs) will not sell any data for marketing and advertising purposes.
The card is said to be available in the U.S. this summer.