Apple Announces Its Own Credit Card: the Apple Card

The Cupertino tech giant on Monday announced Apple Card, a credit card it plans to launch in the USA this summer with Goldman Sachs and Mastercard. Apple said they would be available immediately on an accompanying app for use on new purchases, to pay down a credit card balance, or even to transfer to other people using Apple Pay. "It's cash, like real cash" You get 2% of your purchase amount every day in Daily Cash with payments made with Apple Pay.

Issued by Mastercard Inc through Goldman Sachs, there will also be a physical card that earns 1 percent cash back on all purchases. Since its transactions will be integrated inside the Wallet app, the new service from Apple will allow users to keep a daily track of their transactions by allowing them to segregate money spent into various categories such as food, entertainment or education. 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.

And in contrast to traditional credit cards, it will have no late fees, annual fees or global usage fees. Apple did not reveal how much this card will cost you, but it will likely be a pretty penny.

The Apple Card has no fees like other credit cards.

This is first credit card to be offered by Goldman Sachs, which is best known as a Wall Street investment bank. Meanwhile, Goldman has committed to not sharing or selling data to third parties for marketing and advertising. Unique one-time codes to make sure someone doesn't spend with your number, alongside the usual Face and TouchID authentication.

Apple Inc. CEO Tim Cook speaks during a company product launch event
Apple Inc. CEO Tim Cook speaks during a company product launch event

"With no card number, CVV security code, expiration date, or signature on the card, Apple Card is more secure than any other physical credit card", said Apple. Daily Cash will gives users back a percentage of every purchase as cash on customers' Apple Cash card each day.

Apple Card launches this summer in the US 2019. Apple has previously offered a more typical branded Visa card in partnership with Barclays. Rewards depend on how you use the card. Apple's T2 security chip will play a big role here on the 2018 iPhone lineup.

It's a refreshing new take on something we accept for granted. The company will use algorithms to inform users about the most efficient way of paying interest in the Wallet app. In its fine print, however, the company notes that "late or missed payments will result in additional interest accumulating toward the customer's balance".

Arguably one of the more attractive features is Apple's no-fee policy.

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.

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