Apple has launched a ‘first of it’s kind’ credit card and banks may ‘hate’ it now

Apple has launched a ‘first of it’s kind’ credit card and banks may ‘hate’ it now

At it’s special event in Cupertino (A city in California), Apple has launched a ‘first of it’s kind’ credit card in association with Goldman Sachs and Mastercard.

In Apple’s words, “Apple 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.”

Apple is also offering cashback (which they call Daily Cash) everyday. This, obviously, is a different approach to the financial services business.

When will the Apple Card be available?

Apple Card will be available in the US later this year. Here is the introduction video by Apple Inc. :

According to Apple, Apple Card offers a clearer rewards program than other credit cards with Daily Cash.

How to sign-up for Apple Card?

If want to sign-up for the Apple Card, you can do so in the ‘Wallet’ app of the iPhone. users will get a percentage of every Apple Card purchase amount back as Daily Cash. Every time users use Apple Card with Apple Pay, they will receive 2 % Daily Cash. Users will also get 3 % Daily Cash on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services.

In places where Apple Pay is not available, they also designed a Titanium Apple Card. Interestingly enough, there is no card number, CVV code or expiry date which are pretty normal for other credit cards.

Apple is using machine learning to make it more easy-to-use. Not only that, it also uses Apple Maps to tell people where exactly users have spent with the card (As you may have seen in the video above). Purchases are automatically totaled and organized by color-coded categories such as Food and Drinks, Shopping and Entertainment. To help users better understand their spending, Apple Card also provides weekly and monthly spending summaries.

When will Apple Card come to countries other than the US?

As I’m writing the post, it’s not yet clear when and how the Apple Card will come to countries other than the US.

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Mr. PC

I'm a Hobby Blogger.

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