It was reported a few months ago that Apple was working with Goldman Sachs to launch a credit card of its own. The company did just that at its event today by announcing the Apple Card. The company says that it has been “designed for iPhone,” and that users can sign up for an Apple Card on the iPhone and use it anywhere Apple Pay is accepted “within minutes.”
The Apple Card will live in the Wallet app and will be useable worldwide wherever Apple Pay is accepted. The Wallet app has been redesigned as well so that users can easily see their balance and when it’s due. It will also allow them to track their purchases. Apple will use machine learning and Apple Maps to label stores that customers frequently use so that purchases can be easily tracked across categories such as shopping or food and drink.
Credit cards tend to have a rewards point system and Apple Card will provide customers with rewards in the form of “Daily Cash.” This can be applied straight back to the user’s Apple Card for spending. The company will offer 3 percent back on purchases made from Apple and straight 2 percent on other purchases made using Apple Pay.
What if you’re traveling to a country where Apple Pay doesn’t work? In that case, you can get the physical Apple Card, which is made from titanium with the holder’s name and the Apple logo being laser-etched on it. The card won’t have any signature, security code or expiration information on it to keep a minimal look. All of that information will be available from the Wallet app. Customers will get 1 percent Daily Cash for spending with the physical card.
Apple Card will be launched this summer. It will have no late, annual, international or overlimit fees. There won’t be any penalty interest rates as well. The issuing bank is Goldman Sachs while the payments’ network will be provided by Mastercard.
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