Apple has officially launched its credit card, with all US customers now able to apply for it through the Wallet app on their iPhones.
First unveiled in March, the titanium card has been developed in conjunction with Goldman Sachs.
Users can sign up for the card in the Wallet app in minutes and start using it with Apple Pay in stores, in apps and online. There are no annual, late, international or over-the-limit fees while interest rates are “among the lowest in the industry” claims Apple.
Machine learning and Apple Maps are being used to label transactions with merchant names and locations, with purchases automatically totaled and organized by color-coded categories. Users also get weekly and monthly spending summaries.
On security and privacy, a unique card number is created on iPhone for Apple Card and stored in the device’s Secure Element, a special security chip used by Apple Pay. Every purchase is authorized with Face ID or Touch ID and a one-time unique dynamic security code.
The firm is hoping to win over users with its Daily Cash rewards programme, which gives back a percentage of every purchase as cash. Customers will receive two per cent Daily Cash every time they use the card with Apple Pay, and three per cent on all purchases made directly with Apple.
A new arrangement also sees customers get three per cent Daily Cash when the card is used with Apple pay for Uber and Uber Eats.
Jennifer Bailey, VP, Apple Pay, says: “We’re thrilled with the overwhelming interest in Apple Card and its positive reception. Customers have told us they love Apple Card’s simplicity and how it gives them a better view of their spending.”
Date: August 22, 2019