The company that asked you to “Think Different” about computers and phones now wants to change the way you shop.
Apple on Monday announced expansions to services such as TV and gaming but one of the biggest game changers may be its upcoming credit card.
You can already buy things with your iPhone using the Apple Pay function. But these transactions are processed through relationships you have with credit card companies, such as Chase or Capital One, or the bank that handles your checking account.
Apple wants to become the credit card you choose for all your transactions and they claim their driving force is helping consumers manage and reduce their debt.
#AppleCard is #Apple's Goldman Sachs-backed credit card enhanced by the #iPhone's Wallet app, with same-day signup and usage, low interest rates, and daily cash rewards for usage. #appleevent https://t.co/Av4ACWfNQs pic.twitter.com/rxkZ1KgUjJ
— AppleInsider (@appleinsider) March 25, 2019
Apple says they want to improve the simplicity, transparency and privacy of credit transactions and they just might be onto something. There are several features of the new Apple Card that challenge the norms of the industry.
Daily cash back
Many cards offer rewards of some sort and Apple’s has a fairly standard two percent cash back. The big difference is that you get the cash the same day. No more waiting for a monthly or quarterly disbursement of points. It’s real money you can use right away.
No fees
Apple won’t punish you for paying late, going over your limit or buying something in another country. And, of course, there’s no annual fee.
“We want to make it easier to pay down your balance, not harder,” Apple states on their website.
Paying late will simply cost you more interest.
An app to help you pay it off
Instead of simply recommending that you pay either the minimum or the entire balance each month, the Apple Card app estimates the interest you’ll accrue with different payment amounts. And you can further reduce interest by scheduling payments more frequently.
A metal card with no numbers
Naturally, Apple expects you to use this credit account via the Apple Pay function of an iPhone or iPad but what about those times when you need to slap down a physical card?
Apple Card has you covered with a slim rectangle of titanium (because, Apple) that fits in your wallet. What’s new about that? There is no account number anywhere on the card. No expiration date. No CVV security code. No signature.
Just your name and an Apple logo etched in the metal.
Effective immediately, #ApplePayCash in iOS 12.2 and watchOS 5.2 will not allow sending person to person funded by credit cards other than the #AppleCard. https://t.co/S3PB0vAsk0 pic.twitter.com/Q9rvt50SXW
— AppleInsider (@appleinsider) March 26, 2019
Track your spending
Is your current credit card statement a cryptic list of merchants that you can barely identify? Apple Card gives you the actual name of the store and color codes it by the type of business. This list can be sorted in several ways or even displayed on a map. The app can plot your purchases by day of the week to help you get a clear picture of where your money is going.
Check out all the details in this video.
The Master Card network will process the Apple Card transactions and Goldman Sachs will be the bank behind the accounts.
#GoldmanSachs International's CEO Richard Gnodde said that the #AppleCard will see an international release, after an initial, focused deployment in the U.S. #appleevent https://t.co/5wQKL1vFTs pic.twitter.com/dgzJpz8CuY
— AppleInsider (@appleinsider) March 26, 2019
Apple plans to launch the service this summer. Be one of the first to enroll by signing up for an alert at Apple.com.
