Apple Card is a virtual credit card for your iPhone

Oscar PerryMar 26, 2019

Apple is entering the finance market with a new credit card called Apple Card. "Apple Card is created 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".

Apple announced the new card, a MasterCard backed by Goldman Sachs, at its event in Cupertino, Calif., on Monday.

The card excludes common charges like annual, foreign-transaction and late fees, Jennifer Bailey, Apple's vice president of Apple Pay, said. In addition to a virtual card that lives in a user's wallet, Apple has also designed a physical titanium card. For transactions made with this card, users will get 1% of their cash back through Daily Cash.

One of the things Apple has done is simplified checking out your payments history. "Purchases are automatically totalled and organised by colour-coded categories such as Food and Drinks", said Apple.

For places that don't yet accept Apple Pay, Apple is providing a physical credit card. The card will calculate interest based on payment options and make more frequent payments easy.

The card includes a feature that makes sense of cryptic receipts using machine learning.

"Every purchase is secure because it is authorised with Face ID or Touch ID, and a one-time unique dynamic security code", said Apple. The rewards are applied directly back toward your Apple Card to spend or put toward your recent purchases.

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

The new card will Apple's Wallet app to provide highly detailed information about the users' spending via the card. It's not just Apple Pay anymore, now there's Apple Card. He said Apple's strength was "the seamless integration of hardware, software and services".

While there weren't any hints dropped through specific or generic language in these job openings, especially with the partnerships Apple now has with Goldman Sachs and Mastercard, this increase definitely could have raised some eyebrows alongside leaks and other reports about this new development to Apple Pay.

Jennifer Bailey, VP, Apple Pay, says: "Apple Card is created 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".

A higher reward of 3 percent cash back will go to customers who use Apple Card on the firm's services, be it purchases at the Apple Store or the App Store. Daily Cash will gives users back a percentage of every purchase as cash on customers' Apple Cash card each day. Apple says its partners will never share the card holder's personal information with third parties. You can sign up now on Apple's website to be notified when it's available.

Ahead of the launch, Apple negotiated deals that would let Apple bundle and sell networks at a discount, replicating a business model from the cable TV industry, one source familiar with the matter said. The company already offers a streaming music service, cloud storage and games and apps.

No card numbers, expiration dates, or CVV numbers will be present on the card, making for an extremely clean look, with only the Apple logo and the holder's name laser-etched onto the titanium piece.

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