On Monday, Apple officially announced a new credit card. A rethought “Apple Card”.
Apple Card is designed for a “healthier financial life”. Sign up for the new card and within minutes you can get your new credit card, with customers able to use it right away. You can use it worldwide, anywhere Apple Pay is accepted. It’s available across Apple devices as well.
Customers an get details on transactions, to changing an address, and other customer-related actions can be handled directly through Messages. The Apple Card will also braekdown transactions and automatically total purchases, where you’ve spent it with Apple Maps, and can keep track of transactions through categories. Each category will be represented by its own color (orange for food and drink). Apple Card will also show how your spending is trending, week over week or month over month.
Points will be included with Apple Card as well. Every time you spend with Apple Card, you get cash back — every day. It’s called “Daily Cash”. When you buy your morning coffee or shop for groceries, or any time you spend with Apple Card, you get cash returned every single day. Every day you spend, cash will be added to your Apple Cash card. This can then be transferred to your own account. Or spend it within Apple Pay or even send it to friends with Apple Messages.
Every time you spend with Apple Pay, you get 2% back in Daily Cash. When you buy directly from Apple, purchases Services, you get 3% Daily Cash. The amount you can earn is unlimited on a daily basis as well.
Apple Card will make it easier to understand how much you owe. Apple Card will help save on interest. There will be a range of payment options to choose form, clearly shown. And Apple Card will show interest in real time. You can make more informed payment decisions moving forward. You can schedule more payments as well, including bi-weekly.
Apple Card does not have any fees. No late fees, no over limit fees, no international fees. And it has a lower interest rate than what’s available in the industry. Miss a payment? There is no penalty rate. Apple says the goal is to make it easier for customers to pay down their owed debt.
Apple is partnering with Goldman Sachs for the new Apple Card. This is a new effort for Goldman Sachs in the consumer frontier. Apple will be working with MasterCard to issue cards. Apple Card will be accepted globally thanks to this partnership.
Apple Card is designed for privacy and security. Security is “totally integrated” with the hardware and software. The card number is stored in the security chip, and each transaction is secured by a dynamic number. Each transaction is also secured behind Touch ID and Face ID.
Goldman Sachs will not be sharing data with third-parties, either.
For the times where you’re at a place where Apple Pay is not accepted, Apple thought of that, too. Apple Card will have a physical card, of course. With a big Apple logo, and it’s a titanium card. Names are laser-engraved. There is no card number, no expiration date, no signature, and no security number on the back. That information is stored in the Wallet app, separately. You get 1% Daily Cash when you use the Apple Card.
It launches in the U.S. this summer.