Apple Card: A Promise To Optimize Your Experience With Credit Cards

Yesterday, Apple held its Show Time event at the Steve Jobs Theater, Cupertino. During two hours of announcements, the tech giant gave us official details on a number of new services and one of them was the Apple Card, which promises a supreme experience compared with existing credit cards.

Here’s all you need to know about Apple Card.

What is it?

It’s a brand new Apple credit card for iPhone users, including a virtual card living on the phone and a traditional credit card to use where Apple Pay is not supported. The physical card is titanium, with user’s name etched on.

Where to use?

Apple Card works on apps, online sites, and physical stores. Around the world, where you can use a MasterCard, you can use Apple Card.

How to sign up?

As the card lives in the Wallet app, customers just need to open the app, tap on the Apple Card and follow the guidelines to sign up for it. The signup process should take a couple of minutes.

Is a credit check required?

Apple didn’t reveal details, but it’s a must that you are a well-qualified customer. You will know further details by try signing up, Apple says that you can eligibly use Apple Card after minutes if you are approved.

The launch date?

Around this summer, and the US first.

Apple Card in other countries too?

In the event, Apple announced the plan for US-based users only, so perhaps the company is using this market as a testbed to prepare for the global launch. The tech giant may also be negotiating with banks as well as global institutions.

The bank backing Apple Card?

Goldman Sachs.

How to track finances with Apple Card?

Users can view information like the amount spent, the amount owed and the due date. Also, Apple uses also link the entries with a business via its Maps engine so that users can clearly see where their payments go.

In addition, users can see the amount spent in a specific month or week as well as track purchases by category, like transportation and meals. There’s also a view showing how long you need to pay back the amount you owe.

Where to get help in case of trouble?

While using Apple Card, if users have troubles, they just simply send a text message from the app.

How about the rewards?

Instead of a point structure, users get cash back on each dollar they spend through Daily Cash. In particular, users get 1 percent cash back when paying with physical Apple Card, 2 percent when paying with digital Apple Card, and 3 percent when paying directly from Apple. Notably, the cash back is not limited by any number and can be followed in the Wallet app.

How to spend Daily Cash?

Its real cash and users can use it right away. Users can send it to friends or spend in stores, apps or on websites, or even to pay down their balance.

How about paying fees and interest rates?

With Apple Card, users can pay more than once per month, like every other week or every week. It’s unclear whether or not users can pay daily.

And there are no international fees, no annual fees, no late fees and no fees for crossing the limit.

What to do in case of missing a payment?

Nothing because no penalties are involved, but the interest will add on.

How about security?

Apple says it’s keeping Apple Card secure in four main ways.

First, each device will have a different card number stored in the iPhone’s Security Element chip. For each purchase, there is a one-time dynamic security code and users authenticate the purchase with Face ID or Touch ID. So, Apple says, if someone steals your iPhone, they still can’t use your Apple Card.

Second, the company doesn’t keep track of the items you buy and the amount you spend. The tracking takes place on the phone, not on the servers.

Furthermore, according to Apple’s statement:

Lastly, on the physical Apple Card, there’s no information but your name, no CVV, no card number, no signature, and no expiration date. All details are stored in the Wallet app, which prevents thieves from scanning your info from the card.

What to do in case of losing Apple Card?

Just freeze the card using your Wallet app and order a new one.

How about support on iPad and Apple Watch?

Apple confirms that the Apple Card works on all iOS devices, including iPhone, iPad, MacOS, and Apple Watch.

What’s next?

The company didn’t reveal a number of other details at the Apple event, such as the official launch date, fees, or how it may affect people with little or low credit. More details will surface in the next few months.