Apple is launching a credit card
Apple has announced that it will launch a new credit card called Apple Card, designed to ‘help customers lead a healthier financial life’.
The card is built into the Apple Wallet app on iPhone, and will offer customers a familiar experience with Apple Pay and the ability to manage their card on iPhone.
“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,” the company said.
The service will be available in the US in the coming months, and will offer a rewards programme called Daily Cash, which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day.
The card carries no fees – including annual, late, international, or over-the-limit fees. Apple said it will also provide interest rates that are among the lowest in the industry.
The company is partnering with Goldman Sachs and Mastercard to process payments and transfers.
Features include:
- Spending tracking – Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations. Purchases are automatically totalled and organised by colour-coded categories such as Food and Drinks, Shopping and Entertainment.
- Top security – A unique card number is created on iPhone for Apple Card and stored safely in the device’s Secure Element, a special security chip used by Apple Pay. Every purchase is authorised with Face ID or Touch ID and a one-time unique dynamic security code. Apple doesn’t know where a customer shopped, what they bought or how much they paid.
- Titanium card – Apple designed a titanium Apple Card for shopping at locations where Apple Pay is not accepted yet. With no card number, CVV security code, expiration date or signature on the card, Apple Card is more secure than any other physical credit card. All this information is easily accessible in Wallet to use in apps and on websites.
Read: Apple wants to combine iPhone, iPad, Mac apps by 2021 – report
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