Apple Card: Apple’s Own Credit Card Announced

Apple Card: Apple’s Own Credit Card Announced

There has been a bunch of interesting new announcements today, like the Apple Arcade and the Apple TV Plus but the fun isn’t over yet. It looks like they are set to release their own credit card called the Apple Card and yes, it isn’t a hoax.

The Apple Card is set to make improvements over your typical credit card, such as easier applications, zero fees, lower interest rates, and better rewards. It was mentioned that via machine learning, Apple Maps will label stores which you can use the new credit card. It will have a cashback reward system in the form of Daily Cash, which will be applied straight to your card and can be spent on purchases. Apple is offering the following cashback rates:

• 2% cashback with Apple Pay
• 3% cashback on Apple purchases
• 1% cashback on physical card purchases

Apple will be partnering with Goldman Sachs for the Apple Card, and MasterCard will be handling the payment processing. There is said to be no late fees, no annual fees, no international fees, and no over limit fees. However, it’s worth noting that late or missed payments will result in additional interest accumulating towards the customer’s balance. APR rates will range from 13.24% to 24.24% based on credit.

In order to get one for yourself, you can sign up on your iPhone using the Apple Wallet app. This will get you a digital card which you can use anywhere Apple Pay is accepted in just mere minutes. You can easily track all your purchases and balances via the app itself. Interestingly, there will be a physical titanium card but it will not have any credit card number, CVV, expiration date, or signature. All of the authorization details will be stored directly in the Apple Wallet app and tied specifically to the device.

At Apple’s “show time” services event today, it announced a new Apple Card credit card, promising to improve things about the credit card experience with simpler applications, no fees, lower interest rates, and better rewards.

To get an Apple Card, users will be able to sign up on their iPhone in the Apple Wallet app and get a digital card that they can use anywhere Apple Pay is accepted “within minutes.” Customers will also be able to track purchases, check balances, and see when their bill is due right from the app. There will be a physical titanium card, too, but there’s no credit card number, CVV, expiration date, or signature. All of that authorization information is stored directly in the Apple Wallet app.

Pokdepinion: I don’t know if I can trust with such risky details but I know I’m at least willing to try.