Apple Card has already challenged the status quo with no late fees. Soon Apple Card users will be able to export transaction data in OFX format. The news was confirmed by a support executive who said the feature will come “within the next few days.”
Apple has already rolled out an export option that supports CSV file type. With the OFX option, Apple Card data can be exported and fed into a wide range of financial apps. At this point in time, the export option lets you export transaction detail as and when a monthly statement is available. However, the options are very limited since the feature only supports CSV file type.
OFX file extension is an abbreviation of Open Financial Exchange File and was created more than two decades ago. It offers support for financial transactions like a consumer business, small financial institutions, credit card transactions and much more. Once Apple Card adds OFX support you will be able to combine transaction detail and get a better picture of your spending habits.
here's what i got, looks like OFX is on the way. pic.twitter.com/TmUrm2Ucby
— Jed Schmidt (@jedschmidt) February 5, 2020
The Apple Card already shows enough visual data on transactions such as available card balance, latest transactions, payment due date, weekly activity, the places where transactions took place, and the cashback amount. However, some third-party budgeting and finance apps might be able to parse that data to show you even more information.
Apple Card is a joint venture between Apple and Goldman Sachs, and it was launched in August of last year. The Titanium engraved card (Mastercard) has concealed card numbers, and it offers various benefits and features, including cash backs, rewards, spend tracking. It is easy to sign up via an iPhone and there no annual fee. Only recently Apple announced an interest-free 24 month EMI scheme for unlocked iPhones.