Apple is Making a Credit Card for Some Reason


Hoping to move more even deeply into the financial lives of its customers, Apple on Monday unveiled its own iPhone-oriented credit card, called the "Apple Card".

A physical credit card by Apple has also been launched.

For every purchase with the Apple Card and Apple Pay, you will receive 2 percent back in Daily Cash. Customers will get 3% back on purchases from Apple, including anything bought from its app stores or on iTunes.

The card is tied to Apple Pay, a service that lets people load banking information and pay in stores like Starbucks or use it for purchases online.

You will be able to apply for an Apple Card straight from the Apple Wallet app on your iPhone. It also uses machine learning and Apple Maps to transform the lists of transactions that are normally found on a credit card bill into recognizable locations. According to Apple CEO Tim Cook, by the end of the year, Apple Pay will process 10 billion transactions and will be available in more than 40 countries.

Apple teamed up with Goldman Sachs and Mastercard to release the new card, which will be accepted worldwide. Apple was also careful to announce that Goldman Sachs will not use your data for profit through third parties for marketing.

Apple is Making a Credit Card for Some Reason
Apple is Making a Credit Card for Some Reason

Apple Card is also built with total privacy in mind as it offers a unique per-device card numbers, stored in the secure element, along with a one-time dynamic security code for each purchase to protect the card from being used again without permission. With no card number, CVV security code, expiration date or signature on the card, Apple says Apple Card is more secure than any other physical credit card.

Apple's also bigging up the rewards you get, offering cashback on every single purchase you make. Apple Card will be available to qualified customers in the U.S. this summer.

But adoption of mobile payments like Apple Pay have been slow. It will be easy to obtain and owners will be able to use it right-away, with the added benefits of seeing real time information on transactions and balance.

With Card, Apple is introducing a welcome new take on the cash back program.

That's right, Apple is getting into credit cards. You can sign up now on Apple's website to be notified when it's available. In its fine print, however, the company notes that "late or missed payments will result in additional interest accumulating toward the customer's balance".

Meanwhile, the company is working on a games subscription service for its App Store that will focus on iPhones and iPads and bundle together paid games from different developers, Bloomberg reported, citing people with knowledge of the plans. It's created to work with the iPhone, but is also a physical card made out of titanium, married with special Wallet-based rewards.

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