Tech giant, Apple has launched its first credit card. The company claims it to be a smarter card. Unlike other credit cards, this apple card aims to make the cardholder’s financial life better by managing their finances. According to the company website, “Apple card stands for simplicity, privacy and transparency.”
One can buy things with Apple-designed titanium card anywhere in the world. It is present on your iPhone in the wallet app. All you have to sign up and start using Apple Pay. For every purchase, you will get Daily cash for it. Currently, this service is available only in the United States.
Jennifer Bailey-Vice president of Apple Pay said- “Apple Card builds on the success of Apple Pay and delivers new experiences only possible with the power of iPhone.”
What makes it unique
- Generous rewards: 3% cashback on all Apple purchases. On other purchases with the Apple Card, you can earn 2% cash back, but only if you use Apple Pay. Otherwise, you’ll earn a meager 1% cashback. Alternatively, you could use the Citi Double Cash and earn 2% cash back on all purchases whether you use the physical card.
- Zero fees: The Apple Card is a no annual fee card with no late fees and no foreign transaction fees — though, you’ll still owe interest if you’re late.
- Sign up in the app: With sign-ups exclusively available through the Wallet app. And, since it’s Wallet-based, you won’t need to wait for a physical card — once approved, your card will be available to use via the app right away.
- Privacy and security built-in: The physical credit card will not have account number, CVV security code, no expiration date and no signature.
- Money management tools: Apple builds customer loyalty and improves the overall experience by removing the pain points of credit card users experience when trying to manage their accounts.
How it is different from other credit cards
Apple card has no card number, expiration date, CVV security code or signature on the card. Whether you are paying at restaurant or booking flight ticket, you will get 1% Daily Cash for the purchase. The amount gets credited in Apple Cash card in the Wallet app to be spent later on anything you want.
This Apple Card gives its user payment suggestions which is due on the last of the month whereas other credit card payments have random due dates.
Unlike other credit cards, there are no fees such as late, annual, international, over-the-limit, hidden fees or returned-payment fees with Apple Card. Also, in case, customer misses a payment, no late fee or penalty fee will be charged.
One can set up weekly or biweekly payments as well to match when they get paid. Therefore, paying often helps the cardholder to save on interest.
Every time cardholder uses the Apple Card with Apple Pay, they will receive 2% Daily Cash. They will also receive three per cent Daily Cash on the purchases made directly through Apple Stores for Apple services.
Apple has partnered with Mastercard and Goldman Sachs to provide the support of an issuing bank and global payments network. Mastercard will provide cardholders the ability to shop at merchants anywhere from worldwide.