Apple recently introduced its new product, Apple Card, which is a credit card that can be accessed with or without a card. Apple is working with Goldman Sachs Bank for the credit card. Reporting from CNBC. The privilege of this card is that users can register through their iPhone and can directly access the card within minutes.
Apple Credit Card 7 features you need to know.
- Usage Credit Card: This card can be used through Apple Pay which has been operating since 2014. On its official page, Apple writes "Apple Card lives on your iPhone in a digital wallet application, and it makes new things possible. You can register at any time and can immediately start using it with Apple Pay. "
- Titanium Card: If payment is not accepted by Apple Pay, there is a minimalist titanium card that looks slim. On that card, only your name is written without other personal information. For every payment, you get Daily Cash.
- Schedule Fees: The card also allows users to manage expenses and rewards through the iPhone Wallet application. Apple ensures there are no fees, including late fees, international fees, or annual fees. "Even if you miss payments, we won't charge a penalty fee as most banks do," said Apple executive Jennifer Bailey.
- Transparency of Apple Credit Card: Apple's goal is to make customers easier to balance payments, rather than complicate things. It also heralded the simplicity and transparency of this card. For example, Apple will use maps and services to list purchase activities in a way that is easy to understand, instead of merchant codes that sometimes make credit card statements difficult to understand. Purchases are grouped in color-coded categories, such as food, entertainment, and others. Expenditure trends are also displayed for several weeks or months.
- Payment Options of Apple Credit Card: Payment options are displayed dynamically, so users can decide how fast users want to pay their bills. Annual interest rates will range from 13-24 percent.
- Privacy and Security of Apple Credit Card: Apple also emphasizes the aspects of privacy and security. The tech giant ensures that no one knows what you are buying, where you are buying it, or how much you are paying for it. It said the analysis for expenditures was carried out on devices, not on Apple servers. Goldman Sachs also will not sell purchase data to third parties. In addition, Apple Card uses a special security chip to store card numbers and every transaction has a one time password (OTP). The other layer of security also features a face identification and fingerprint scanner on the iPhone.
- Hardware, software, and services. Apple is uniquely positioned to make the most significant changes in the credit card experience in 50 years. Apple Pay is accepted by more than 70 percent of US retailers and will take effect in more than 40 countries by the end of the year. This service is expected to exceed 10 billion transactions this year.
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