Apple Card Won’t Support Multiple Users, No Cost Associated With Physical Card

Apple this summer will introduce the Apple Card, a new credit card that it's offering in partnership with Goldman Sachs. Apple presented the ‌Apple Card‌ at its March 25 event and launched an ‌Apple Card‌ website, but there were still many questions about how it will work.

TechCrunch's Matthew Panzarino today shared some new details on the ‌Apple Card‌ that were provided by Apple, giving a little more insight into how it will work and answering a few of the questions we saw from MacRumors readers.

applecardinwallet
First and foremost, ‌Apple Card‌ is not going to support multiple users. People who use a single account with two shared credit cards at the current time are not going to be able to do the same thing with ‌Apple Card‌. It's one card per person and one card per account.

There is no cost associated with the physical ‌Apple Card‌, even though it's made of laser-etched titanium. Apple isn't going to charge you for the card itself and there isn't going to be a penalty fee if you lose it and need a replacement. There is an in-app option to freeze your card in the event that it's stolen.

Speaking of the physical ‌Apple Card‌, Apple has implemented a neat activation method - you'll just tap it against the iPhone when you get it, without the need to place a phone call for activation like you have to do with existing credit and debit cards. When using the physical card, no signatures will be required.

applecardtitanium
Though it's tap to activate, the physical card itself isn't going to support contactless payments. You need your ‌iPhone‌ for that.

Paying your balance can be done in the Wallet app using a linked bank account or Apple Pay Cash, and while not mentioned by TechCrunch, there is an option with ‌Apple Pay‌ Cash to get an emailed statement, so Apple will presumably offer the same option with ‌Apple Card‌. There's no word on whether transactions can be imported into financial software like Quicken as of yet.

applecarddailycashlist
As for fees, there are no foreign transaction fees but the exchange rate for foreign transactions is determined by Mastercard. Making a late payment will not result in penalty rates, aka increased interest rates. You're still going to have to pay interest on the outstanding balance, and a late payment will impact credit score, but interest rates won't increase.

TechCrunch says that when it comes to interest rates, Apple will make an effort to sign you up at the lower end of the interest rate tier that you qualify for.

While ‌Apple Card‌'s interest rates fail to break the mold in any major way (they are roughly between 13-24%), Apple will place users who sign up at the lower end of the tier that they land in due to their credit score. This isn't some incredible re-imagining of how to offer credit or an intensely low interest option, but it could shift you to the bottom of a tier when you qualify instead of paying a few points higher at your 'exact' score.

As Apple announced on Monday, there are no credit card numbers or other information on the physical titanium ‌Apple Card‌. This data is instead available in the app, leaving some questions about online purchases where you often need a number and a CVV.

‌Apple Card‌ is able to generate virtual card numbers for these kinds of purchases. The Wallet app will provide a virtual card number and a virtual confirmation code, with the number being semi-permanent and able to be regenerated whenever you want. This info can be used for non-Apple Pay online purchases, over-the-phone purchases, and other similar situations.

There is not, however, support for single-use numbers or single-merchant numbers for having separate card numbers for different merchants. Purchases will be further protected by a one-time use dynamic security code, and two-factor authentication will need to be turned on for you to use ‌Apple Card‌.

applecardoverview
When it comes to privacy, Apple said on stage that it won't know what you're buying or how much you spent, and its partner, Goldman Sachs, will not be selling or using data for external or internal marketing or advertising.

There's one other neat tidbit about ‌Apple Card‌ that's worth pointing out, which, while wasn't included in TechCrunch's details, has been circulating on Twitter. ‌Apple Card‌ uses different colors to categorize and code your purchases for labeling purposes, with entertainment in pink, food in orange, shopping in yellow, and so on.

It appears that when you use ‌Apple Pay‌, the color of your card in the Wallet app will have a rainbow gradient based on your spending habits, so if you're buying a lot of food and purchasing a lot of movie tickets, it'll trend toward orange and pink.

TechCrunch has some additional details on privacy and security that are well worth reading through for those interested in the ‌Apple Card‌, and our own Apple Card guide also has more information on what you can expect when it launches.

Top Rated Comments

SuprUsrStan Avatar
25 months ago
So you can't "share accounts" meaning married couples can't have authorized users so that they can both keep track of finances?

That's kind of dumb...
Score: 51 Votes (Like | Disagree)
AngerDanger Avatar
25 months ago
Apple Card Won’t Support Multiple Users, No Cost Associated With Physical Card
Sure, but sharpen that baby down a little, and you've got yourself one hell of a knife!

Score: 30 Votes (Like | Disagree)
fumi2014 Avatar
25 months ago
Still rather disturbed by this. I know Apple are sort of desperate to start exploring new sources of revenue but climbing into bed with Goldman Sachs is akin to making a pact with Satan. Credit Cards are the source of misery for literally millions and millions of people unable to escape its clutches. Shame on Tim Cook. Can’t he make money elsewhere?
Score: 28 Votes (Like | Disagree)
TMRJIJ Avatar
25 months ago
Still rather disturbed by this. I know Apple are sort of desperate to start exploring new sources of revenue but climbing into bed with Goldman Sachs is akin to making a pact with Satan. Credit Cards are the source of misery for literally millions and millions of people unable to escape its clutches. Shame on Tim Cook. Can’t he make money elsewhere?
Incredible. Apple Card hasn’t unveiled yet but people are already blaming Cook for their mishandling of their own finances
Score: 19 Votes (Like | Disagree)
BvizioN Avatar
25 months ago
So you can't "share accounts" meaning married couples can't have authorized users so that they can both keep track of finances?

That's kind of dumb...
No, I don't think it is a dumb!
It is a personal credit card, not a joined one.
If you wanted a joined one, look elsewhere. Plenty of other options for that.
Score: 16 Votes (Like | Disagree)
DrJohnnyN Avatar
25 months ago
The physical card looks sleek.
Score: 14 Votes (Like | Disagree)

Top Stories

microsoft edge ios android

Bill Gates Says His Preference for Android Over iPhone is Due to Pre-Installed Software

Friday February 26, 2021 3:35 am PST by
Microsoft co-founder Bill Gates this week participated in his first meeting on Clubhouse, the increasingly popular invite-only conversation app, where he fielded a range of questions as part of an ongoing book tour. Gates was interviewed by journalist Andrew Ross Sorkin, and given that the Clubhouse app is currently only available on iOS, naturally one of the questions that came up was...
Top Stories 47 Feature copy

Top Stories: MacBook Pro, iMac, and AirPods Rumors, macOS 11.2.2, MagSafe Wallet Revisited

Saturday February 27, 2021 6:00 am PST by
March is right around the corner, and that means our first good opportunity for Apple product launches in 2021 as the company frequently has significant launches in March or April each year. We're hearing rumors about MacBook Pro, iMac, AirPods, and more, although many of these will be coming out at different times over the course of the year. This week also saw a macOS update to address a ...
iphone 6 in hand

Apple Faces Another iPhone Lawsuit Over 'Programmed Obsolescence'

Monday March 1, 2021 6:44 am PST by
Apple faces a new class-action lawsuit that accuses it of deliberately releasing iOS updates that slowly reduce the performance of an iPhone, forcing customers to upgrade their devices. The lawsuit comes from the Portuguese Consumer Protection Agency, Deco Proteste (via Marketeer), which in a statement says that it will proceed with a case against the Cupertino tech giant because it...
maxresdefault

HomeKit Essentials Worth Checking Out

Saturday February 27, 2021 7:05 am PST by
HomeKit was slow to take off after its 2014 launch, but now that it's been around for seven years, there are hundreds of HomeKit products available, ranging from doorbells and speakers to TVs, lights, and cameras. In our latest YouTube video, we rounded up some of our favorite HomeKit products that we find most useful. Subscribe to the MacRumors YouTube channel for more videos. HomePod...
First Look Big Sur Feature2

Apple Releases macOS Big Sur 11.2.2 to Prevent MacBooks From Being Damaged by Third-Party Non-Compliant Docks

Thursday February 25, 2021 10:07 am PST by
Apple today released macOS Big Sur 11.2.2, the fourth update to the macOS Big Sur operating system that launched in November. macOS Big Sur 11.2.2 comes two weeks after the release of macOS Big Sur 11.2.1, a bug fix update. The new ‌‌‌‌macOS Big Sur‌‌‌ 11.2.2‌ update can be downloaded for free on all eligible Macs using the Software Update section of System Preferences....
iphone 12 pro display video

iPhone 13 to Include 1TB Storage Option and LiDAR Across the Board, Says Wedbush Analyst

Monday March 1, 2021 4:00 am PST by
Apple's forthcoming iPhone 13 could include a 1TB storage option for some models and LiDAR Scanners across the entire lineup, according to a report from Wedbush analysts. In a new note to investors, seen by MacRumors, Wedbush analyst Daniel Ives said that initial Asian supply chain checks gave the firm "increased confidence" that Apple's 5G-driven product cycle would extend well into 2022,...
flat mbp 14 inch feature yellow

Redesigned 14-Inch MacBook Pro Expected to Feature Brighter Mini-LED Display With Slimmer Bezels and More

Thursday February 25, 2021 7:48 am PST by
Apple plans to unveil new 14-inch and 16-inch MacBook Pro models with Mini-LED-backlit displays in the second half of this year, according to industry sources cited by Taiwanese supply chain publication DigiTimes. The report claims that Radiant Opto-Electronics will be the exclusive supplier of the Mini-LED backlight units, while Quanta Computer is said to be tasked with final assembly of the...
mac mini developer transition kit photo feature

Apple Requiring Developers to Return DTK Mac Minis by March 31

Friday February 26, 2021 3:57 pm PST by
Apple today sent out emails to developers who are in possession of a Developer Transition Kit, asking them to return the machines by March 31. The Developer Transition Kits are Mac minis with A12Z chips that Apple provided for development purposes ahead of the release of the M1 Macs. Apple in the emails provided developers with shipping instructions, and plans to begin collecting the DTKs...
iphone 12 120hz thumbnail feature

Kuo: iPhone 13 Lineup to Feature Smaller Notch and Larger Batteries, 120Hz Display for Pro Models, and More

Monday March 1, 2021 7:50 am PST by
iPhone 13 models will all feature a smaller notch, while the two Pro models will be equipped with low-power LTPO display technology for a 120Hz refresh rate, analyst Ming-Chi Kuo said today in a research note obtained by MacRumors. Several other sources have previously claimed that some iPhone 13 models will support a 120Hz refresh rate, including display industry analyst Ross Young, leakers ...
unc0ver version 6 release

Jailbreak Tool 'unc0ver' 6.0.0 Released With iOS 14.3 Compatibility

Sunday February 28, 2021 9:26 am PST by
The team behind the "unc0ver" jailbreaking tool for iOS has released version 6.0.0 of its software, which can allegedly be used to jailbreak any device running iOS 11.0 through iOS 14.3 using a kernel vulnerability. The unc0ver website describes how the tool has been extensively tested across a range of iOS devices running various software versions, including an iPhone 12 Pro Max running iOS ...