Apple Card to Launch This Summer

0
125
Apple Card to Launch This Summer
Editorial Credit: LightField Studios / Shutterstock.com

Want a credit card that links to your phone? How about taking it a step further by having the card on your phone?

On March 25, Apple announced its latest offering the Apple Card — built right into the Apple Wallet on the iPhone. The card, which will launch this summer, will help consumers “lead a healthier financial life.” Apple is partnering with Goldman Sachs and Mastercard to make this card come to life and provide global banking support and the ability to shop worldwide.

“Apple Card transforms the entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security,” Apple wrote in a press release.

“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending, so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.”

Apple Card to Launch This Summer
Editorial Credit: LightField Studios / Shutterstock.com

Daily Cash

The card will also offer a rewards program called Daily Cash, which gives users a back percentage of each purchase as cash on the customer’s Apple Cash card each day. Daily Cash can be used right away for purchases using Apple Card, be put toward Apple Card’s balance or be sent to friends. Each time the card is used, a customer will receive 2 percent Daily Cash from the transaction amount. Customers also receive 3 percent cash back on purchases made directly with Apple, including the Apple Store, the apps store and for Apple services.

Apple Card to Launch This Summer
Editorial Credit: Apple.com

How to get it

Instead of a mail-in and wait process, consumers will be able to sign up for the card via their Apple Wallet app and be able to use the card right away in apps or online stores.

“Apple Card gives customers easy-to-understand, real-time views of their latest transactions and balance right in Wallet, and Apple Card support is available 24/7 by simply sending a text from Messages,” Apple wrote in a release.

Apple will also create a physical card for stores that do not yet take Apple Pay.

“Apple has also designed a titanium Apple Card for shopping at locations where Apple Pay is not accepted yet,” Apple wrote in a release. “With no card number, CVV security code, expiration date or signature on the card, Apple Card is more secure than any other physical credit card. All this information is easily accessible in Wallet to use in apps and on websites. For purchases made with the titanium Apple Card, customers will get 1 percent Daily Cash.”

Apple stated there are no fees associated with the Apple Card including no annual fees, late fees, international or over-the-limit fees.

“To help customers make informed choices, Apple Card shows a range of payment options and calculates the interest cost on different payment amounts in real time,” Apple wrote in a release. “As a way to pay less interest, Apple Card will also suggest paying a bit more every month and offers the flexibility to schedule more frequent payments.”

Apple Card to Launch This Summer
Editorial Credit: Apple.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here