The tech giant, Apple is set is to create a lot of buzz about them by launching their new product Apple Card, which as claimed by the company is a new type of credit card. With this card, the company aims at providing users with the power to have a detailed overview of their spendings.
What is Apple Card?
According to Jennifer Bailey, Apple’s vice president of Apple Pay:
“Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay overtime and ways to help them pay down their balance.”
Following the huge success of Apple Pay, Apple decided to take their stand in the Finance industry by launching its credit card with Mastercard as its global payment network and Goldman Sachs as its issuing bank. In his words, David M. Solomon, chairman and CEO of Goldman Sachs, said:
“Simplicity, transparency, and privacy are at the core of our consumer product development philosophy. We’re thrilled to partner with Apple on Apple Card, which helps customers take control of their financial lives.”
Ajay Banga, president and CEO of Mastercard said, “We are excited to be the global payments network for Apple Card, providing customers with fast and secure transactions around the world.”
Each card will be uniquely attached to an iPhone device and will physically have no number, CVV, or expiry date embossed on the card. Instead, there will be a virtual card number in the Wallet app that can be used on websites and apps.
How can it be yours?
Users can apply for Apple Card through the Wallet app on their iPhone and can seamlessly start using it with Apple Pay. Each card will be uniquely connected to your iPhone.
Apple has designed a titanium card that can be used at locations where still Apple Pay isn’t accepted. Purchase made using the card would earn 1% Daily Cash. Cardholders would earn 3% Daily Cash on purchasing Apple’s products and services and 2% Daily Cash on all other purchases made using their phones.
With Apple Card, Apple incorporated machine learning and Apple Maps to categorize the payments with different merchants and locations. With color-coded categories, users can have a better view of their expenditure and that too category wise, like total spending on food, total spending on travel, and so on.
With each card being uniquely attached to an iPhone, Apple provides a new level of privacy and security by storing the card’s credentials in the device’s Secure Element, a special security chip used by Apple Pay. Authorized access to the card is provided only with Face ID or Touch ID coupled with a one-time unique dynamic security code. So, we can say that, with Apple Card, spending is easy, secure, and better understandable.
Fees and associated charges
Though most of the credit card issuing authority charge some late or annual fees, Apple surprised the market by announcing no annual, late, international or over-the-limit fees. The company also announced lowest in the industry interest rates and won’t charge a penalty rate if the user misses a payment. However, late or missed payments will result in additional interest accumulating toward the customer’s balance.
To help serve users more effectively, Apple Card will offer the flexibility to schedule payments and will show a range of payment options. It will also provide you with tips to pay less interest wherever possible.
With its new offering, Apple is again set to thrill the market, and it is expected that it will. Apple has always tried to set up a benchmark with its products and services, and it would be interesting to see up to what level of success this product climbs.
A technocrat and an entrepreneur who is the Co-Founder and Chief Delivery Head at Appventurez. Skilled in object-oriented programming (OOP), iOS Development, Design Principles, Data Structures, and Swift, he has served different organizations as Tech Lead.
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