Introducing “Apple Card” - The Credit Card for iPhone Users
Apple took the smartphone market by storm when it launched iPhone, now a product with over 1,300 million worldwide users (as of 2018). Setting its sights on the financial industry, the company introduces “Apple Card” - a new kind of ‘digital’ credit card.
For this service, Apple is working with Goldman Sachs, a major American investment bank, and the long-established MasterCard. Together, they promise to bring iPhone users a simpler and more efficient financial experience.
Before we go into the details and functions of the service, let’s get to know Apple Card just a little bit more.
Apple Card is described as a credit card for iOS users. It can be used digitally through the Wallet app and Apple Pay on iPhones. If the venue doesn’t accept Apple Pay, there’s also a physical card. The titanium material gives the card a refined, minimalist look.
Most noticeably, the card does not have any card number, CVV number, expiration date, or even signature displayed. The only text that appears is the card owner’s name.
Identity verification through Face ID or Touch ID
Apple prioritizes its customers’ security, so the Apple card does not have any card number or code printed on. Payments will be verified using Face ID or Touch ID. Card owners can trust that no one other than themselves will be able to use their credit card.
With this, payments will become much more convenient and secured.
No fees whatsoever
Shopaholics are sure to love Apple Card, as it doesn’t have extra fees, for anything. No matter if your purchase is made overseas, or you’re paying just the minimum amount, there are no hidden fees to worry about.
On top of all these sweet, sweet deals, Apple Card offers interest rates that are lower than most credit cards currently in the market.
Apple Card uses a system called “Daily Cash” for cashback rewards. You’ll get the money back daily, not at the end of the month like with most credit cards.
Card users get a 1% cashback with the physical card, 2% with the digital version, and 3% when they’re buying Apple products directly from the Apple store and online store.
The money you get back via Daily Cash will be put into your Wallet app, which can be used anywhere that accepts Apple Pay.
Apply on your iPhone
Signing up for the Apple Card is as easy as apple pie. No need to prepare stacks of documents; you can apply for the card instantly on your iPhone with the Wallet app. Apple will, however, assess your creditworthiness before issuing the card.
At the time of writing, Apple hasn’t revealed what factors are involved in the approval process. Still, experts believe that Apple would implement a credible and transparent system.
After you’ve been approved, you can start using the card right away. (The website Engadget claims that the entire process takes only a few minutes.)
Apple Card is first launching in the US this summer. The company hasn’t confirmed if they’re extending the service internationally to other countries, including Thailand. Fans of Apple would, unfortunately, have to wait for now. But don’t worry, we’ll keep you promptly updated on the matter!