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During a launch event that saw Apple unveil to the world a new news and magazine subscription service (Apple News Plus), a new offering of original content (Apple TV Plus) and a gaming subscription platform (Apple Arcade), a new, surprising announcement came: a credit card.
Apple Card offers a new form of Mastercard credit card to users, and itās partnered with Goldman Sachs to bring out a new suite of functionality.
It can do things other credit cards canāt do. You can sign up on your iPhone, and within minutes start using it right away - anywhere worldwide.
Itāll be available across your devices, and will be found in your Wallet App, with clear spending tracking - with store names clearly listed - and details on when your next payment is due and how much youāve spent this month.
You can also message Apple to update your Apple Card details. There are no late, annual, international or over-balance fees and Apple says itās committed to giving you a low interest rate with Card.
How much does it cost?
Hereās the thing: the Apple Card will come with no fees. No international fees, late fees or even a higher rate of interest if you miss a payment - you can choose to make payments more regularly, or to change your schedule if you so wish.
However, there was no mention of a typical APR here, so while itās rather easy to sign up, weāre not sure how competitive itāll be āin the wildā.
Apple is all about shaking up this market though, and offering a truly attractive card could be an instant revenue stream for the brand.
Daily Cash
Image Credit: Apple
Apple Card also offers rewards, with Daily Cash giving you 2% cashback every time you spend, and itās paid every day. If you use your Apple Card to pay for a product direct from Apple, youāll get 3% cashback.
Cash is added to your Apple Cash Card, which is also found in the Wallet app, and it can be used like any other cash.
Every purchase is verified with either Touch or Face ID, and all details of the card are stored on a secure area of your iPhone. Apple also canāt see what youāve spent your money on, with all processing taking place on your device and not on Appleās servers.
Apple also promises not to sell your information to third parties.
An actual Apple Card
[IMG alt="zDpZjCiEBu2b3M7iEFtNbf" width="690px" height="388px"]https://cdn.mos.cms.futurecdn.net/zDpZjCiEBu2b3M7iEFtNbf.jpg[/IMG]
Image Credit: Apple
Apple Card is widely accepted around the world, but not everywhere accepts it, and for places which donāt Apple will also offer you a physical card. Itās made of titanium, and has Appleās logo and your name laser etched on it.
Thereās no card number, CVV or signature on the card, which Apple says makes it more secure. If you need that information, youāll find it in the Wallet app.
Apple Card will arrive in the Wallet app in the US āthis summerā (likely sometime between June and August), with no word on when the service may roll out to other countries.
Apple Card launch: as it happened
We spent hours typing away at everything that happened during the Apple event tonight - so hereās the inside scoop on what happened when the Apple Card was unveiled on stage.
All times in US Pacific (PDT):
[IMG alt="UAGQyFMFGjCDUqTBcCEDjf" width="690px" height="388px"]https://cdn.mos.cms.futurecdn.net/UAGQyFMFGjCDUqTBcCEDjf.jpg[/IMG]
10.36 - What about if youāre somewhere that there isnāt an Apple Pay vendor? Well, letās watch a video to find out.
Apple has made an actual bank card, apparently. Itās made of titanium and has your name laser etched onto it. With no card number, signature or anything on it - so how can it be used if you want to sign?
You only get 1% Daily Cash with this card though.
Apple Card will be coming to the Wallet app āthis summerā for the US.
10.34 - Itāll be powered by Mastercard, so youāll be able to use it world over.
Now weāre talking about privacy - so each purchase is authenticated by Face ID or Touch ID, and every purchase needs a random ID so your credit card number canāt be used without your say-so.
Bailey is making a big deal about the data never being sold to third parties - that privacy message is strong here.
[IMG alt="x4P6NnyCL4u5ogWLuFGrcN" width="690px" height="388px"]https://cdn.mos.cms.futurecdn.net/x4P6NnyCL4u5ogWLuFGrcN.jpg[/IMG]
10.32 - You can make more frequent payments if you fancy it, to help people take better control of your money.
Actually, this will help: no fees at all with this card. No late fees, international feesā¦ any fees at all.
The interest rate wonāt change even if youāre late, so no penalty interest charges.
Apple needed a bank to help with this: Goldman Sachs, as itās a new player in the consumer space.
Isnāt Apple Bank going to be a bit of a clash here?
[IMG alt="K88dSh4aa3AM6yADejyaG7" width="690px" height="388px"]https://cdn.mos.cms.futurecdn.net/K88dSh4aa3AM6yADejyaG7.jpg[/IMG]
10.30 - Appleās Daily Cash comes in every day - it just depends on which merchants are using it. Wait, itās 2% of Daily Cash on everything you spend. Thatās pretty good.
If youāre using Apple services, you get 3% cashback. Honestly thought it would be moreā¦
The amount of cash you receive every day is also unlimited. Apple is trying to say itās giving away free money hereā¦
10.29 - Now weāre talking about Apple Card rewards too - you get cashback every day with Apple Card - itās called Daily Cash.
10.28 - Apple is now saying that itās trying to make things better, to improve financial info. Using Apple maps, random retailers and addresses will be translated in the app. Thatās pretty helpful.
Like so many online cards, you can collate your spending by category and show you how your spending is trending week by week, or month by month.
10.27 - You get the Card on your phone in minutes when you apply - is that definitely a good thing?
The Card lives in the wallet and shows you how much youāve spent and how much you need to pay back.
You can also message the Apple Card team through messages and theyāll offer help where possible.
10.25 - 'Today is introducing a brand new service - and we call it Apple Cardā.
Jennifer Bailey, VP of Apple Pay, is coming on to explain that.
āWeāve rethought the credit cardā. Here we go.
[ul]
[li]Apple has also launched News+ offering you access to 300 magazines[/li][/ul]
Continue readingā¦
Apple Card offers a new form of Mastercard credit card to users, and itās partnered with Goldman Sachs to bring out a new suite of functionality.
It can do things other credit cards canāt do. You can sign up on your iPhone, and within minutes start using it right away - anywhere worldwide.
Itāll be available across your devices, and will be found in your Wallet App, with clear spending tracking - with store names clearly listed - and details on when your next payment is due and how much youāve spent this month.
You can also message Apple to update your Apple Card details. There are no late, annual, international or over-balance fees and Apple says itās committed to giving you a low interest rate with Card.
How much does it cost?
Hereās the thing: the Apple Card will come with no fees. No international fees, late fees or even a higher rate of interest if you miss a payment - you can choose to make payments more regularly, or to change your schedule if you so wish.
However, there was no mention of a typical APR here, so while itās rather easy to sign up, weāre not sure how competitive itāll be āin the wildā.
Apple is all about shaking up this market though, and offering a truly attractive card could be an instant revenue stream for the brand.
Daily Cash
Image Credit: Apple
Apple Card also offers rewards, with Daily Cash giving you 2% cashback every time you spend, and itās paid every day. If you use your Apple Card to pay for a product direct from Apple, youāll get 3% cashback.
Cash is added to your Apple Cash Card, which is also found in the Wallet app, and it can be used like any other cash.
Every purchase is verified with either Touch or Face ID, and all details of the card are stored on a secure area of your iPhone. Apple also canāt see what youāve spent your money on, with all processing taking place on your device and not on Appleās servers.
Apple also promises not to sell your information to third parties.
An actual Apple Card
[IMG alt="zDpZjCiEBu2b3M7iEFtNbf" width="690px" height="388px"]https://cdn.mos.cms.futurecdn.net/zDpZjCiEBu2b3M7iEFtNbf.jpg[/IMG]
Image Credit: Apple
Apple Card is widely accepted around the world, but not everywhere accepts it, and for places which donāt Apple will also offer you a physical card. Itās made of titanium, and has Appleās logo and your name laser etched on it.
Thereās no card number, CVV or signature on the card, which Apple says makes it more secure. If you need that information, youāll find it in the Wallet app.
Apple Card will arrive in the Wallet app in the US āthis summerā (likely sometime between June and August), with no word on when the service may roll out to other countries.
Apple Card launch: as it happened
We spent hours typing away at everything that happened during the Apple event tonight - so hereās the inside scoop on what happened when the Apple Card was unveiled on stage.
All times in US Pacific (PDT):
[IMG alt="UAGQyFMFGjCDUqTBcCEDjf" width="690px" height="388px"]https://cdn.mos.cms.futurecdn.net/UAGQyFMFGjCDUqTBcCEDjf.jpg[/IMG]
10.36 - What about if youāre somewhere that there isnāt an Apple Pay vendor? Well, letās watch a video to find out.
Apple has made an actual bank card, apparently. Itās made of titanium and has your name laser etched onto it. With no card number, signature or anything on it - so how can it be used if you want to sign?
You only get 1% Daily Cash with this card though.
Apple Card will be coming to the Wallet app āthis summerā for the US.
10.34 - Itāll be powered by Mastercard, so youāll be able to use it world over.
Now weāre talking about privacy - so each purchase is authenticated by Face ID or Touch ID, and every purchase needs a random ID so your credit card number canāt be used without your say-so.
Bailey is making a big deal about the data never being sold to third parties - that privacy message is strong here.
[IMG alt="x4P6NnyCL4u5ogWLuFGrcN" width="690px" height="388px"]https://cdn.mos.cms.futurecdn.net/x4P6NnyCL4u5ogWLuFGrcN.jpg[/IMG]
10.32 - You can make more frequent payments if you fancy it, to help people take better control of your money.
Actually, this will help: no fees at all with this card. No late fees, international feesā¦ any fees at all.
The interest rate wonāt change even if youāre late, so no penalty interest charges.
Apple needed a bank to help with this: Goldman Sachs, as itās a new player in the consumer space.
Isnāt Apple Bank going to be a bit of a clash here?
[IMG alt="K88dSh4aa3AM6yADejyaG7" width="690px" height="388px"]https://cdn.mos.cms.futurecdn.net/K88dSh4aa3AM6yADejyaG7.jpg[/IMG]
10.30 - Appleās Daily Cash comes in every day - it just depends on which merchants are using it. Wait, itās 2% of Daily Cash on everything you spend. Thatās pretty good.
If youāre using Apple services, you get 3% cashback. Honestly thought it would be moreā¦
The amount of cash you receive every day is also unlimited. Apple is trying to say itās giving away free money hereā¦
10.29 - Now weāre talking about Apple Card rewards too - you get cashback every day with Apple Card - itās called Daily Cash.
10.28 - Apple is now saying that itās trying to make things better, to improve financial info. Using Apple maps, random retailers and addresses will be translated in the app. Thatās pretty helpful.
Like so many online cards, you can collate your spending by category and show you how your spending is trending week by week, or month by month.
10.27 - You get the Card on your phone in minutes when you apply - is that definitely a good thing?
The Card lives in the wallet and shows you how much youāve spent and how much you need to pay back.
You can also message the Apple Card team through messages and theyāll offer help where possible.
10.25 - 'Today is introducing a brand new service - and we call it Apple Cardā.
Jennifer Bailey, VP of Apple Pay, is coming on to explain that.
āWeāve rethought the credit cardā. Here we go.
[ul]
[li]Apple has also launched News+ offering you access to 300 magazines[/li][/ul]
Continue readingā¦