Apple Card: Everything you need to know

Apple’s March 2019 event held today in Cupertino California, Apple announcing various services including the Apple Card. Here is what the Apple card is all about.

What is Apple Card?

Apple Card is an innovative, new kind of credit card created by Apple and designed to” help customers lead a healthier financial life”. It is an addition or extension of Apple’s payment system which is built into the Apple Wallet app on iPhone. It offers customers a familiar experience with Apple Pay and the ability to manage their card right on iPhone. Apple Card strives to simplify the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security. 

Apple Card Availability and how to get it

Apple Card is coming to the US this summer. Customers can sign up for Apple Card in the Wallet app on their iPhone. The sign up is effortless and the card becomes available for use immediately so you can start using it with Apple Pay right away in stores, in apps or online worldwide.

Apple Card Features

“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.”

 Apple Card gives customers easy-to-understand, real-time views of their latest transactions and balance right in Wallet.
Apple Card support is available 24/7 by simply sending a text from Messages.
Apple Card offers a rewards program than other credit cards with Daily Cash, which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day. Every time you use Apple Card with Apple Pay, you will receive 2 percent Daily Cash back. Purchasing Apple’s own products and services with Apple card will get you 3 percent Daily Cashback including purchases at Apple Stores, on the App Store and for Apple services.

Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations.

Purchases are automatically totaled and organized by color-coded categories such as Food and Drinks, Shopping and Entertainment. 

To help customers better understand their spending, Apple Card provides weekly and monthly spending summaries.

There are no fees associated with Apple Card: no annual, late, international or over-the-limit fees. Apple Card strives to give you the lowest interest rates possible and are the lowest in the industry so far.

There is also no penalty rate when you miss a payment.
Apple Card shows a range of payment options and calculates the interest cost on different payment amounts in real time to help you make more informed choices. 
Apple Card offers the flexibility to schedule more frequent payments and will also suggest paying a bit more every month in a bid to lower the interest you pay.

Payments are made secure by authentication 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.
All information, calculations, and payment suggestions are done on-device not on Apple’s servers so that your data stays private

Apple Card partnerships

Apple has partnered with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network. Mastercard will provide cardholders the ability to shop at merchants around the globe.

The Apple Card Card

Apple also provides a physical card for Apple Card. The card is designed and made with titanium for shopping at locations where Apple Pay is not accepted yet. It has no card number, CVV security code, expiration date or signature on the card. That information will easily be accessible in Wallet to use in apps and on websites. For purchases made with the titanium Apple Card, customers will get 1 percent Daily Cash.