Things You Need to Know About Apple's New Credit Card

Mar 26, 2019, 00:50
Things You Need to Know About Apple's New Credit Card

You'll get 3 percent back for all Apple purchases, 2 percent for everything else you buy via Apple Pay, and 1 percent for purchases made with the titanium Apple Card. Daily Cash can be used everywhere you can use Apple Pay, and can even be used to pay off your balance. Since its transactions will be integrated inside the Wallet app, the new service from Apple will allow users to keep a daily track of their transactions by allowing them to segregate money spent into various categories such as food, entertainment or education.

"Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations".

Then, over the course of one month between November and December of 2018, Apple increased the number of job openings with "Apple Pay" in the title by over 50%.

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

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". This comes after a previous article in February which reported that both Apple and investment bank Goldman Sachs had been planning to launch a joint credit card. In addition, Goldman Sachs will never share or sell user data for marketing or advertising.

"With no card number, CVV security code, expiration date, or signature on the card, Apple Card is more secure than any other physical credit card", said Apple.

Apple will offer cash back rewards daily to Apple Card customers, a change from monthly rewards from most other cards.

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Apple and Goldman are entering the intensely competitive field of consumer credit, where banks have been shelling out costly rewards to encourage consumers to spend through their cards.

Apple Card will be available to USA customers later this year. Apple says that signups will be handled directly from iPhones, with quick approvals and access to device-specific card numbers.

When Apple Pay was first rolled out in 2014, Apple said that the token tying a transaction to a specific customer would be encrypted and stored on the Secure Element without being accessible to Apple.

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The new card will Apple's Wallet app to provide highly detailed information about the users' spending via the card.

With Card, Apple is introducing a welcome new take on the cash back program. Finally, one percent will be added for all purchases paid for with the physical Apple Card (more on that in a minute). Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch and Apple TV. It's created to work with the iPhone, but is also a physical card made out of titanium, married with special Wallet-based rewards.

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