Apple today introduced
With Apple Card, the company aims to simplify the process of signing up for a new credit card. That’s why right within the Apple Pay app, you’ll be able to sign up for a card in a straight-forward manner. It’s unclear exactly what that process will be like, but it’ll no doubt be easier than most credit cards.
For simplicity, Apple will show you real-time views of your latest transactions paired with the merchants’ names where you made purchases. The company noted on stage this is better than the cryptic names you find in a typical credit card statement. The company will utilize machine learning and Apple Maps to identify where you spent money. You’ll also get weekly and monthly spending summaries with Apple Card.
A big perk with Apple Card seems to be what the company calls Daily Cash. Every time you make a purchase with Apple Card using the Apple Pay app, you earn two percent cash back in the form of Apple Cash. When you use your Card with Apple Pay at an Apple-branded retail outlet (e.g. Apple Store, App Store, Apple service), you earn three percent. Instead of having to wait a week or month to receive the money, Apple says you’ll get it every day, hence the name. It’s a much more convenient solution to the cash back guarantees companies promise.
Another major perk with Apple Card: no fees. Apple says it’s getting rid of any and all fees with its credit card. This means no annual fee, no late fees, no international fees, and no over-the-limit fees. “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,” the company said.
To help pay off your credit card, Apple will give you a range of payment options inside the Wallet app that will calculate interest rates and show you the payment rates that will save you the most money. For instance, the app will recommend more frequent payments every month in order to avoid higher interest costs.
In addition, not only will the credit card be stored in your Apple Wallet
The digital card will also take extra steps to safeguard your privacy as Apple won’t be able to track your purchases, tell how much you spent, or where you shopped.
Let’s be honest, though. A titanium credit card with your name engraved is the most Apple thing I think we’ve seen in a long time.
Apple says Apple Card will launch in the U.S. this summer for qualified customers.