Apple to Launch a Credit Card This Summer
For every Apple Card purchase, you'll receive a percentage back as 'Daily Cash,' which you'll be able to use or apply to your balance 'right away,' Apple said.
Apple is getting into the credit card business.
The Cupertino tech giant on Monday announced Apple Card, a credit card it plans to launch in the U.S. this summer with Goldman Sachs and Mastercard. When it launches, you'll be able to sign up for the Apple Card in the iPhone Wallet app, then start using right away wherever Apple Pay is accepted.
At places where Apple Pay isn't accepted, you'll be able to use a physical Apple Card. Made of titanium, the physical card will feature "no card number, CVV security code, expiration date, or signature," Apple said. That information will available in the Wallet app, so you can access it you're shopping online or in apps.
The Wallet app will also show a list of your latest transactions and current balance. If there's ever a problem, you'll be able to contact Apple Card support via text 24/7.
Apple plans to use machine learning technology and data from the Maps app to provide the merchant name and location for each transaction, so you shouldn't have to wrack your brain trying to remember where you spent your money. Purchases will be organized into color-coded categories like "Food and Drinks" and "Shopping and Entertainment" and Apple will provide weekly and monthly spending summaries so you can keep track of where all your money is going.
"Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone," Apple Pay Vice President Jennifer Bailey said in a statement. "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 over time and ways to help them pay down their balance."
For every Apple Card purchase, you'll receive a percentage back as "Daily Cash," which you'll be able to use or apply to your balance "right away." You'll get 3 percent back for all Apple purchases, 2 percent for everything else you buy via Apple Pay, and 1 percent for purchases made with the titanium Apple Card.
Apple promised "no annual, late, international, or over-the-limit fees." In its fine print, however, the company notes that "late or missed payments will result in additional interest accumulating toward the customer's balance."
Apple will give you a range of payment options, and show you the interest cost on different payment amounts. "As a way to pay less interest, Apple Card will also suggest paying a bit more every month," Apple wrote.
On the topic of security Apple said that "every purchase is secure because it is authorized with Face ID or Touch ID and a one-time unique dynamic security code."