Apple’s credit card was first introduced at Apple’s Special Event in late March. At the moment, the card is being tested semi-privately by Goldman Sachs and Apple retail employees. Rumors have it that the company will make Apple card available to the public this summer together with iOS 12.4 which will contain an updated Apple Wallet App. But let’s dig a little deeper into what the credit card will look like and all the cool features that come with it.
Apple Card Design
When it comes to design, Apple leads the way. That’s why the card comes with a simplistic clear titanium design. As mentioned before Goldman Sachs is issuing the Apple credit cards together with MasterCard. Apple chose to partner up with Goldman Sachs as they needed a partner who will be excited to create a credit card that is much different from the commonly issued cards.
On the front of the card, you can find your name engraved together with the Apple logo, and a chip. Whereas, on the back, there is a normal credit card stripe, a Goldman Sachs logo, and a MasterCard logo. According to iMore, the Apple credit card will be all-white with a rainbow pattern on the inside and it will weigh around 14.75 grams.
The titanium Apple Card can also be used for shopping at locations where Apple Pay is not accepted yet. Most importantly, the design of the card doesn’t include card number, CVV security code, expiration date or signature. In this way, the card has better protection than other credit cards. More on Apple Card Security and Privacy a bit further below.
It is expected that the application process will take only about 1 minute. This is possible as Apple is able to fill applications automatically with your Apple ID data. After the completion of the application, you will in most cases instantly receive a message of approval or rejection. If you have been approved, you can access the virtual Apple Card immediately. Furthermore, the Apple credit card will get to you in one to two weeks.
Most likely, Goldman Sachs will be in charge of the credit card approvals. You can expect that if your credit score is on the lower-end, you will get a tighter credit line and a higher interest rate. According to Apple, the interest rates will vary from 13.24 % to 24.24 %.
Apple Card Setup
Like every other Apple accessories, you will set up the Apple Card with your iPhone. In the credit card envelope, you will find an NFC tag that will allow you to pair your phone with the card. You’ll simply tap your iPhone to the pairing icon in the Apple Card envelope, which contains an NFC tag, as illustrated below:
Apple made it very clear that they want to be the best in data security for its customers. Furthermore, they even developed a CryptoKit to help other developers do the same. So, when it comes to the security of the Apple credit card, we already mentioned that it doesn’t have the card number and CVV printed on it. After all, how can frauds steal your credit card number if they can’t see it?
However, if needed, the customers can access that information directly in the Apple Wallet. That is possible because a unique card number is created on the user’s iPhone. What’s more, it is stored safely in the device’s Secure Element, a special security chip. To add some more security to the mix, every purchase requires Face ID or Touch ID authentication and a one-time unique dynamic security code.
Furthermore, if Apple detects suspicious activity, you’ll receive an instant push notification allowing you to confirm that you made the transaction. Importantly, Apple Card is also connected with Apple Business Chat. In this way, you can report problems and ask for information through messages.
When it comes to collecting data for marketing purposes, Apple underlines that they do not collect data where the users shop or what they bought. Furthermore, the company declared that its partners follow the same strict policy:
“Goldman Sachs will use your data to operate Apple Card. But they will never share or sell your data to third parties for marketing or advertising.”
The Apple Wallet
What got our attention the most is the way Apple Card is connected with Apple Wallet. For example, Apple Card uses Apple Maps and machine learning to show users where they shopped. Furthermore, each transaction has its own color and category which makes it easier for customers to keep track of what they spend their money on. That is also ensured with the weekly and monthly spending reports available in the app.
In addition, Apple Wallet will integrate the ring system from Apple Watch. In that way, customers will be able to help manage their balance and control how much interest they pay. The interactive ring displays how much interested the users pay based on their balance. They are able to estimate that just by scrolling through the ring.
What is Daily Cash?
For every purchase users make with the Apple Credit Card, they will receive a percentage of the amount back as Daily Cash. This happens every single day as a cash back reward. Customers can use it immediately with Apple Pay or to pay up their Apple Card balance. Moreover, every time they use the Apple Card with Apple Pay, they will receive 2 percent Daily Cash. Additionally, users will get 3 percent Daily Cash on all purchases made at Apple Stores and for Apple services.
No Fees and Lower Interest
On top of all that, there are no fees associated with Apple Card. No annual, late, international or over-the-limit fees. Apple aims at having the lowest interest rates among its rivals. They also claim that if a customer skips a payment, there will not be any penalty fees. In addition, customers will be able to see different payment options and interest rates. In that way, they will be able to make more precise decisions.
It seems that all big companies want their share in the financial industry. With Facebook’s Libra cryptocurrency, Apple’s credit card and Samsung Pay, it seems like the game is in its peak. If you want to always stay updated on the competition and other tech inventions, then make sure you sign up for our newsletter and get the latest news.