Apple on Monday said that it had joined forces with Goldman Sachs Group Inc to launch the Apple Card for iPhones. Apple's credit card is simply called "Apple Card" and is being promoted as a card with no fees, attractive rewards and deeper integration with the iPhone. No problem. The highlight of the revamped app is Apple's Channels feature, which the company teased during their Monday event. Every Apple Card is uniquely attached to your distinctive iPhone. Unlike Apple News+, it's available on a wide variety of devices - including Android.
Apple claimed in announcing the Apple Card that 70% of USA retailers accept Apple Pay. To the flood of credit cards issued by banking and financial institutions are those from tech firms such as PayPal, Square and Venmo (which is owned by PayPal).
Apple's Daily Cash gives you cash back each day. The company says users will be rewarded based on their usage of the card.
Coming in summer 2019, the $0-annual-fee Apple Card will earn 3% cash back on Apple purchases and 2% back for everything else - if you make your purchases via Apple Pay on your iPhone.
It isn't clear whether user subscriptions will expire before May 28, or whether users will be refunded if they don't receive a full month's worth of service before the cutoff.
Apple Card breaks down your spending habits like a budgeting app would.
Most credit cards offer a monthly statement, after which you pay a specific amount by a certain date before interest starts.
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Consumers lament that it can be hard to tell which merchants accept mobile payments and store clerks might be unable to help complete a transaction. This makes it flawless for frequent overseas travelers. The company does, however, note that "late or missed payments will result in additional interest accumulating toward the customer's balance". Advertisers won't know exactly what you're purchasing and may have no knowledge of your purchasing preferences.
As with all Apple product announcements (and, really, all credit cards), the important question to ask is: Is this product right for you?
However, Apple has made a serious statement about its plans to get viewers switching to its Apple TV+ service. Subscribers from America will pay $10 for the service whiles users from Canada will have the service for $13. The card also showcased the number and the name of the cardholder. Apple would cater to those with low scores as well, but at higher rates. The card will also have no fees of any kind: No late fees, worldwide fees or annual fees.
But to be sure, although Apple Pay is gaining popularity, it is not widespread. That makes sense since the Apple Card is built around paying with your iPhone.
Social media billed the new card as an Apple "flex", a slang word millennials use for a product or service that allows them to show off to peers.
AppleWhat rewards will you get with Apple Card?