Everything You Need To Know About Apple’s New Credit Card
Apple Card is here to put a new spin on fin-tech with some incredible daily rewards, absolutely zero fees, and a seriously sleek card
Apple just rolled out a series of new offerings that are bound to shake up just about every industry, from media to television. With game-changing platforms like their new streaming service Apple TV+, news platform Apple News+, and gaming platform Apple Arcade, the tech giants want to lead how we consume culture, share information, and get the most for your money.
Apple Pay was launched five years ago and is available across the globe, making spending your cash on products and services that much easier. Their latest fin-tech announcement is the Apple Card, a credit card in collaboration with Goldman Sachs and MasterCard designed for iPhone users. At Apple’s recent launch on 25 March, they revealed how their version of the credit card has some unreal rewards, absolutely no fees, and a seamless user experience.
We break down everything you need to know about the forthcoming Apple Card.
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What makes it different than a normal credit card?
First of all, it’s both virtual and tangible: you can use it just as you would Apple Pay (in your Wallet app) or you can also request the IRL version, which is a very sleek titanium design. It can be easily managed right from your phone, including your spending activity, how much you owe, purchases organized by color-coded categories, and 24/7 customer support via iMessage.
What are the rewards like? What about the fees and interest rates?
The rewards are the most exciting part of this whole launch. Instead of racking up points that are only available at the end of the month, Apple gives you immediate access to your rewards. Every purchase you make using Apple Card, no matter what it is, you get 2% back which is then automatically added to your Apple Cash card (which you can send to your bank account, use to purchase things, or send to friends and family via iMessage). If you use your physical Apple card you only get 1% cash back, and if you purchase anything at the Apple Store, on the App Store, or any Apple services, you’ll get 3% back.
There are no annual, late, international, or penalty fees…at all. Apple says that their interest rates will be “among the lowest in the industry,” and will provide you with recommended monthly payment amounts so you accrue the least interest possible.
Is it secure?
The tech company has taken their emphasis on security to a whole new level. Apple Card authorizes each transaction using either Touch ID or facial recognition in addition to a security code. Apple won’t have access to any of your spending information — all of that data is stored locally on your device.
How do I get one?
Apple has yet to announce a launch date in the Middle East, but it will hit the U.S. this summer. You’ll be able to sign up directly from the Wallet app and if your application is accepted, you can start using it right away wherever Apple Pay is available.
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