Users will be able to manage their card right from their iPhone. Apple said this card transforms the entire credit card experience by simplifying the application process
Apple has recently announced its new product called Apple Card. It’s a credit card that will work worldwide and be built directly into the Apple Pay wallet app on the iPhone. This card will not only be built into the Apple Pay wallet app but also come as a physical titanium card. The physical card will be ‘titanium, laser etched’ card to be used in places that do not accept Apple Pay. This credit card will be offered by Goldman Sachs and use MasterCard’s payment network.
Users will be able to manage their card right from their iPhone. Apple said this 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.
This card also offers reward programs that are different from those offered by other credit cards. For instance, daily cash, which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day. Customers will also get 2 per cent cash back on card purchases made via Apple Pay and 1 per cent on those made on the physical card. Experts, however, suggest 1 per cent cashback might not be an attractive amount.
Find out what is the Apple Card offering and how is it different from the ones available in India?
1. The Apple Card will be able to describe where and when transactions happened by using machine learning and Apple Maps. It will also provide weekly and monthly spending summaries.
2. The rewards program of Apple is called Daily Cash. Customers will receive 2 per cent cash back on general purchases or 3 per cent on purchases from Apple.
3. In case you use the physical Apple credit card, you will then get back 1 per cent. One can accrue an unlimited amount of Daily Cash.
4. There are no fees of any kind charged on Apple Card. For instance, no annual fees, no charges for international transactions, no late fees, or additional fees for going over the credit limit is charged. This is not the case with other credit cards available in India.
5. The payment system of the card will be protected by one-time dynamic number codes along with face ID or touch ID. The physical titanium card, however, will not have any numbers on it at all.
6. The Apple card will also help its users manage their usage. The card will track what you spend and when payments are due. Users can access customer service for the card through iMessage.