Apple Card: After mocking credit cards, Apple creates one

Mar 26, 2019, 00:51
Apple Card: After mocking credit cards, Apple creates one

It's not enough that your iPhone stores your credit card information.

Furthermore, as previously reported, Apple has joined forces with Goldman Sachs for Apple Card, with Mastercard handling payment processing. Ideally, you'll be using the physical card as sparingly as possible - only in instances where the retailer you're purchasing items from doesn't accept Apple Pay. Finally, one percent will be added for all purchases paid for with the physical Apple Card (more on that in a minute). The physical card is meant to reflect Apple's signature minimalist style, with no visible card number, CVV security code, expiration date, or signature on the card.

Apple Inc. CEO Tim Cook speaks during a company product launch event
Apple Inc. CEO Tim Cook speaks during a company product launch event

If you have ever looked at your bank or credit card statement and gotten confused about who that $19.95 purchase was with because you could not figure out the cryptic merchant ID, you might appreciate Apple Card's easy to understand statements and transaction history.

Apple Card is slated to arrive this summer. Unfortunately, the company isn't revealing any details regarding a future worldwide rollout of the service. Aside from its music streaming service, Apple Music, the company has also commissioned multiple original shows such as Planet of the Apps and See, as well as a standalone Carpool Karaoke series. "We're thrilled to partner with Apple on Apple Card, which helps customers take control of their financial lives". Even if you miss a payment Apple will not charge a penalty. Instead of accumulating points and applying for gift cards or whatever like some credit card programs do, Apple Card gives you cash back with every purchase, which is uploaded to your card daily.

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Apple will also have a 24x7 support staff available that you can reach through iMessage. Apple News+ is a new service whereby you pay one monthly fee-$10 in the US-to access dozens of other companies' magazines and newspapers.

Color coding will also help with the organization of your transactions: products from distinct categories such as Food and Drinks or Shopping and Entertainment will be assigned a different color so that you can immediately find the ones you're looking for. You will always be billed on the last day of the month and you can choose to pay monthly or biweekly.

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Aimed to improve features about the credit card experience with simpler applications built into the Apple Wallet app on iPhone, the Cupertino tech giant says that the Apple Card will offer no fees, lower interest rates, better rewards and provide a "new level of privacy and security".

Apple knows that for customers to fully embrace its payment service, it needs to be universally accepted.

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According to Apple, this 'can be used right away for purchases using Apple Pay, to put toward their Apple Card balance or send to friends and family in Messages'.