Apple today revealed a brand new service called "Apple Card," a new digital and physical credit card that users will be able to sign up for right from their iPhone. Apple says this sign-up process takes just a few minutes and then they can start using the Apple Card right away in stores, in apps, or online worldwide. Apple partnered with Goldman Sachs and Mastercard for Apple Card.
After spending, Apple Card will give users simple real-time views of their latest transactions and balance in the Wallet app. Apple Card uses machine learning and Apple Maps to label transactions with merchant names and locations. Purchases are then automatically totaled and color coded through categories like Food and Drinks, Shopping and Entertainment, and more.
At the end of each week and month, the Wallet app will show what users spent to help visualize their past finances. The company will also provide 24/7 customer support through Messages.
Anyone who uses Apple Card will receive a percentage of every purchase amount back as "Daily Cash," the card's rewards program. Every time users pay with Apple Card they will receive 2 percent Daily Cash back, and if they make a purchase directly with Apple they'll get 3 percent Daily Cash back. Daily Cash is immediately added to the user's Apple Cash card in the Wallet app, and can be used anywhere Apple Pay is accepted.
Apple Card has no fees associated with it, and the company says that "Apple Card’s goal is to provide interest rates that are among the lowest in the industry and if a customer misses a payment, they will not be charged a penalty rate."
As with Apple's other services, the company promises that Apple Card is completely secure and private.
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 secure because it is authorized with Face ID or Touch ID and a one-time unique dynamic security code. The unique security and privacy architecture created for Apple Card means Apple doesn’t know where a customer shopped, what they bought or how much they paid.
There will also be a physical Apple Card for shopping at locations where Apple Pay is not accepted. The card is made out of titanium, has no card number, no CVV, no expiration date, and requires no signature.
Apple Card launches in the United States this summer.
Top Rated Comments
Sure, they helped cause the 2008 financial crisis and have no soul, but they’re really innovative and awesome!
I firmly believe Apple believes this to be true. If Goldman has access to the data I also firmly believe the scorpion will eventually sting the frog.