Apple announces its new Apple Card credit card

Apple / Tech

Apple also says there are no fees and a lower interest rate than most other credit cards.

Apple has announced something different, the Apple Card. The Card is the company’s take on the traditional credit card and it is very interesting indeed. Apple says the Card is built for simplicity, transparency, and privacy. The card is built into the Apple Wallet app but you will be issued a physical card along with it.

Because the Card is built into the Wallet app, you will be able to manage your account from the same app. Apple says their card changes the the entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest. They are also offering a rewards program for using the service with the best rewards happening for those who use their iPhone to pay.

“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

Customers can sign up for the new Card right inside the Wallet app and can start using it right away. Apple says they have made your statements easier to understand as well. You will also get real-time views of your transactions.

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.

Customers will receive a percentage of every Apple Card purchase amount back as Daily Cash. Unlike other cash back rewards, Daily Cash is added to customers’ Apple Cash card each day and can be used right away for purchases using Apple Pay, to put toward their Apple Card balance or send to friends and family in Messages. 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

Apple also says there are no fees and a lower interest rate than most other credit cards. They’ve developed a method to gauge how much credit you should apply for and help you make informed choices.

Apple also pounded away on privacy and 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 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.

Apple

The service is coming this summer, keep an eye out in the Wallet app for your opportunity to apply.

What do you think of Apple’s venture into credit cards? Let us know in the comments below or on Twitter, or Facebook. You can also comment on our MeWe page by joining the MeWe social network.

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