APPLE has just announced it’s first credit card at today’s Apple launch event in California.
The tech giant is partnering with Goldman Sachs for the Apple Card and Mastercard will be in charge of payment processing.
Apple has announced the first ever Apple credit card[/caption]
Apple Card – what is it?
Apple Card is a new credit card which comes in both a digital and sleek titanium form.
It is powered by the iPhone and has been designed to be integrate seamlessly with the Wallet app for iPhone.
The card will feature no number, CVV, expiration date, or signature because all of the authorisation information will be stored in the Apple Wallet app.
It will help users track their spending[/caption]
Apple Card – what are the perks?
Apple claims the credit card will be simple to use, has no fees, cash back, lower interest rates, and better rewards.
Other perks which make it stand out from the credit card market include budget monitoring, easy interest calculations and a chat feature which will allow users to directly speak with the credit issuer without having to make any phone calls.
The Wallet app will also show users trends in their spending, either weekly or monthly in categories like food, travel and entertainment.
Apple Card – what is Daily Cash?
The Apple Card’s reward program is called Daily Cash.
This feature will enable cash back to be added directly to a users Apple Cash card.
Cash back is essentially a small refund on some purchases and a lot of credit card companies already offer this feature on their cards.
However, Apple Card is unique in the sense that it will give users cash back every single day rather than them having to wait for their monthly billing statements.
There will be no limit on the amount of Daily Cash that users can receive.
Users will receive 1% Daily Cash on purchases made with the physical Apple Card, 2% Daily Cash back on Apple Pay purchases and 3% Daily Cash back on Apple purchases.
It is a largely digital card but does come with a physical titanium version[/caption]
Apple Card – when is the release?
Apple Card has been designed so that users can sign up for it on their iPhone in their Wallet app where they will receive a digital card within minutes.
We don’t yet know when Apple Card will be available in the UK but it will be released in the US this summer.
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Do you want the Apple Card? Let us know in the comments…