Apple Inc., the Cupertino, California based technology company that specializes in consumer electronics, computer software, and online services, now has its own brand of credit card.
The Apple Card is only available in the U.S and requires an iPhone to apply since it’s built into the Apple Wallet app. According to an official press release, the card is built on simplicity, transparency, privacy and was designed to help consumers lead a healthier financial life.
“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay overtime and ways to help them pay down their balance.”
Some additional perks of the Apple Card include easy-to-understand spending, Daily Cash, no fees, lower interest along with a new level of privacy and security. Apple partnered with American multinational investment bank and financial services company Goldman Sachs on the card. Goldman Sachs will be in charge of fraud monitoring and credit application approval.
iPhone users who requested notification about the Apple Card will get invites this week to apply through Apple’s Wallet app. The company has plans to expand sign-ups in the coming weeks. In addition, customers can expect to typically get 2% cash back when using Apple’s app to pay. The cash back rewards earned will be returned to customers through an Apple Cash account, which conveniently can be used for credit card payments, other purchases, and transfers to bank accounts. Experts say the financial benefits of this new card is similar to many others already available to consumers.
The Apple Card is reliant on the iPhone. Customers can request an actual physical credit card, however an iPhone is required to apply. The card app will offer consumers tools to manage spending and suggest payment amounts based on history.
Learn more here.