Apple turned the world of credit cards on its head on Monday by introducing a new one of its own: Apple Card. This is a card you can use to pay for goods and services online and also in stores. By taking on payment cards, Apple is taking a bold step into disrupting mobile payments that no other media giant has attempted. Even Google and Samsung, two companies with their own mobile payment system.
Will a digital Apple Credit card finally make mobile payments ubiquitous? What kind of perks will owners be able to get? How will it affect their credit if they switch phones? Everyones asking there questions, and so are we.
Here's everything we know about Apple Card so far.
What is Apple Card?
Apple Card is a new branded credit card for iPhone ($1000 at Amazon) users. It's both a digital card that lives on your IPhone, with a traditional credit card backup that you can use where Apple Pay isn't available. (Looks like everyone gets this when they sign up.) The physical Apple Card is made out of titanium, and has your name engraved. Just for a little drama, and so you can show off by clinking it loudly against a glass.
Where can i use apple card?
Apple Card will live in the Waller App on your IPhone, and you'll sign up for it by tapping on the Apple Card prompt within the wallet. Apple will walk you through the sign-up process.
Do i have to wait for a credit check?
You do need to be a well-qualified customer, though Apple doesn't share details on what that means. You can, however, sign up if youre interested for more details in regards to the card.
When can i get it?
Apple will launch Apple Card throught the walletapp this summer. It'll come to the U.S. first.
Which bank backs Apple Card?
Apple is working with Goldman Sachs as its bank to issue Apple Card, a Mastercard.
How will Apple Card help me track my finances?
If you've ever used a service like Mint or other financial apps before, you might be able to get a sense for Apple's vision with your finances.
You'll be able to see visuals clearly depicting how much you spent on what, when it's due, and how much you owe. Apple also uses it's Maps engine to link a purchase with a business, so it's clear what your payment goes towards (these things tend to cryptic, like:" New York LLC" when you've taken a cab ride. Apple says it uses machine learning to connect the dots.
You'll also be able to see how much you've spent so far in a given week or month, and track purchases by category, like meals and transportation. There's a view to show how long will it take for you to pay back what you owe.
What if i need help using my Apple Card?
Apple says if you run into trouble, you can send a text straight from Imessage. You will be helped right away.
No more waiting to be connected to someone.
What are Apple Card rewards like?
Apple doesn't opt for points structure. It gives you CASH BACK ON EVERY DOLLAR YOU SPEND, through a program called Daily Cash.
Here's the break down:
(A) 1% when you use the titanium Apple Card (physical card)
(B) 2% when you use the Apple Card (digital) on any purchase
(C) 3% when you use the Apple Card (digital) on purchases you make directly from Apple
There's no cap to daily earning...as long as you're within your credit limit. For example, if your spending can't exceed $3,000, then your earnings can't either. Youll be able to keep track of your daily cash through your Apple Cash (located in your Wallet app.)
Daily cash is REAL CASH. You'll be able to use it right away. Spend in stores, send to friends, use in apps or on the web, or use to pay down your balance.
Interest rates and fees?
Apple Card will let you pay more ofen than once a month, For example, you can pay every week or every other week. It isn't clear if you can pay daily if you want or if theres more of a structre. We will just have to wait!
There are no late fees, annual fees, international fees or fees for going over your limit.
What happens if i miss a payment?
Apple won't slap you with a penalty on top of your missing payment. (it won't cost an additional $25 on top of what you owe). However, you will accumulate more interest on top of your existing balance.
Is Apple Card secure?
Apple highlighted four main ways it's keeping Apple Card secure.
(A) The card number: Apple will create a unique card number for each device, which is stored in the Security Element, a security chip on your iPhone. You get a one-time dynamic security code each time you make a purchase, and authenticate each purchase biometrically, though either Touch ID or Face ID. Even if someone steals your phone, Apple says they can't use your Apple Card.
(B) Device, not cloud: Apple doesn't track what you bought or where and how much you spent. All the tracking happens on the device, not on Apple's servers.
(C) Your data isn't for sale: "Goldman Sachs will never share or sell your data for marketing or advertising," Apple's Bailey said.
(D) An almost-blank physical card: If you're using the physical Apple Card, you'll notice that your name is on it, but there's no card number, no CVV, no expiration date and no signature. If you need the details, it's in the Wallet app. This is presumably so that others can't swipe these essential details for security fraud by either stealing a glance or stealing the entire card.
If I lose my physical Apple Card, can I order a new one?
Yes. If your card is lost or stolen, you can use the Wallet app to freeze your card and order a new one.
Will it work with my iPad and Apple Watch?
Yes, Apple says that Apple Card will work across all your iOS devices. We'll need to confirm if it will work with MacOS as well as the iPhone, iPad and Apple watch.
What comes next with Apple Card?
There are a lot of details we still don't know, like the exact launch, any hidden fees, how Apple Card might affect people with low or no credit and when exactly the card will launch. Apple will undoubtedly share more in the coming months. Until then, we can only hope for more tidbits to stream out.
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