The company that sells Macbook and iPhone units will soon offer a credit line for people to use.
Recently, Apple announced that they will offer the Apple Card, a thin titanium credit card that’s linked
to your iPhone. The company markets the card as a “smart” credit card that focuses on simplicity and
security. It’s set for release this summer. For now, here’s what we know about the Apple Card:
Credit Application
We don’t have a lot of details on this, but we know that Apple has partnered with Goldman Sachs in
creating the Apple Card. While we don’t exactly know how Apple will handle applications, we do know
that interest rates will differ, depending on one’s credit score.
Connection to the Wallet App
The Apple Card isn’t affiliated with any bank. It’s connected to the Wallet application in your
smartphone. You can use it the same way you use Apple Pay.
Clarity of Transactions
Because it’s connected to your Apple Wallet, you won’t need to call a bank or log in online to manage
your transactions. You just have to open the application and you’ll see everything there. It’s also synced
to the Maps application so that you can find out where your transactions would take place. Your
transactions are color-coded and categorized to help you better analyze your expenses.
Daily Cash Back
When you use your Apple Card for transactions, you won’t receive reward points or any other gimmicks.
You get a percentage of your purchase back. You will be able to use the cash back however you like.
No Fees and Minimum Interests
Apple stated that the credit card won’t have fees of any sort. Forget annual fees, cash advance fees, late
fees, or overdraft fees. While there are interests, the Wallet app will help you so that you can pay with
minimum interests. It can tell you how much you need to pay and what the interest will be if you pay a
certain amount.
Privacy and Security
In line with Apple’s philosophy, your transactions using the Apple Card are secured. Even Apple will not
be able to tell your purchases. You also get all of the Apple Pay security such as Touch ID and unique
transaction codes.
Mastercard
The Apple Card uses Mastercard as its payment network. This means that you’re not restricted to only
buying in places that accept Apple Pay. You’re free to make purchases anywhere around the world that
supports Mastercard.
Support
If you have any concerns with your transactions or with Apple Card, you can just send Apple a text
message and you’ll get a quick answer from them.
That’s everything we know about the Apple Card so far. It’s expected to come out this summer, and in
the meantime, you can subscribe to Apple to get more news about its upcoming release. We can’t say a
lot about the Apple Card yet, but it sounds very easy to use indeed. We definitely have our hopes up.
