Apple has unveiled Apple Card, an innovative credit card designed to improve the customer financial services. Apple Card transforms the entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security. 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.
The card, built into the Apple Wallet app, allows its users to manage their card right on iPhone. The customers have access to an easy-to-understand, real-time views of their latest transactions and balance right in Wallet, and Apple Card support is available 24/7.
Apple Card will help customers better understand their spending by automatically organising by color-coded categories such as Food and Drinks, Shopping and Entertainment. The transactions are labeled with merchant names and locations thanks to the use of machine learning and Apple Maps.
Every time customers use Apple Card with Apple Pay, they will receive 2 percent Daily Cash. Customers will also get 3 percent Daily Cash on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services.
The goal of Apple is to provide interest rates that are among the lowest in the industry , this is why there are no fees associated with Apple Card: no annual, late, international or over-the-limit fees. To help customers make informed choices, Apple Card shows a range of payment options and calculates the interest cost on different payment amounts in real time.
A unique card number is created on iPhone for Apple Card and stored safely in the device’s Secure Element, a special security chip used by Apple Pay. Every purchase is secure because it is authorized with Face ID or Touch ID and a one-time unique dynamic security code. The unique security and privacy architecture created for Apple Card means Apple doesn’t know where a customer shopped, what they bought or how much they paid.
“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “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.”