I’m not an iPhone user, but Apple’s new Apple Card, announced today, could potentially make me one (if I could put up with all their walled gardens of course).
Built into Apple Wallet and based on Apple Pay, the service allows users to keep close track of their spending, and does not have any transaction, late or international fees, with Apple also aiming for the lowest interest rate.
It also offers Daily Cash rewards as part of its reward program, which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day. Every time customers use Apple Card with Apple Pay, they will receive 2 percent Daily Cash. Customers will also get 3 percent Daily Cash on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services.
“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 is partnering with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network. Apple will also be offering a physical 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 says 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.
See Apple’s video to see all the features in action.