Apple just held its much-hyped “It’s Showtime” event on March 25th in the Steve Jobs Theater, California. And as if you don’t get too many calls for credit cards from banks, Apple has introduced its own credit card simply named the Apple Card.
As claimed to “transform the entire credit card experience” and “built on simplicity, transparency, and privacy,” we thought to give you a detailed description of what this card is and how it’s different from other credit cards.
While you need to fill forms and applications to get one from the bank, Apple Card is just a tap away from you. Contrary to the traditional application, you can directly apply for the card on the iPhone and it will get digitally stored once it gets approval from the back end. Stored in the Wallet app, you can use your card from the Wallet app to pay, view balance, statements, and due payments. Not only that, the app also features geo-tagging function to remember when and where you made the purchase.
Furthermore, the card generates new security codes everytime you make a purchase. There’s no CVV, credit card number, expiry date, or signature. Though, you can generate one in case you are planning to buy from a site that doesn’t support Apple Card yet but accepts 16-digit credit cards. These purchase details are again stored locally to prevent ad targeting.
The Apple Card is backed by MasterCard and Goldman Sachs and provides 2 percent cashback on every purchase. You can avail 3 percent while buying an Apple product. The cashback is credited to your Apple Pay account that you can further use to either make in-app purchases, paying credit card balance, or transferring funds to friends.
One of the most impressive things was inclusion of MasterCard in the Apple Card making that enables users to use the card wherever MasterCard is accepted (which is globally).
Apple is soon going to offer physical titanium Apple Cards that will be useful in real-life uses such as traveling or buying from a brick and mortar store. However, transactions will physical Apple Card will only give you 1 percent cashback. Purchase and other details will still be managed in the Apple’s Wallet app for the physical titanium card.
The iPhone maker confirmed that there will not be any late fees, annual fees, international fees, increased interest rates, or fees for going over your limit whatsoever. However, CNBC has spotted that Apple will quietly charge some transfer fees worth mentionable. For instance, a 1% fee will be charged for an instant transfer from your Apple Pay Cash to debit card.
Apple revealed that its new credit card will be available sometime this summer. But the company didn’t provide any specific release dates. Furthermore, there is also no news about how one can apply since it is not available yet. You can follow AppsToFollow on Facebook and Twitter to stay updated about its release and application process.