Apple has upset the world of credit cardsby introducing a new one: . This is a card that you can use to pay for goods and services online and in stores. By taking payment cards, Apple takes a bold step by disrupting mobile payments that no other media giant has tried, even Google and Samsung, both companies with their own mobile payment system.
Will a digital Apple credit card finally make mobile payments universal? What types of benefits will homeowners be able to get? How will this affect their credit when they change phones? You are full of questions, and so are we. Unfortunately, we do not have them all. What we have is the details that we have gleaned from.
Here's all we know about the Apple card right now – including– and what we still have to learn.
What is Apple Card?
Apple Card is a brand new credit card for iPhone ($ 1,000 at Amazon) users. This is both a digital card installed on your iPhone and a traditional credit card backup that you can use when Apple Pay is not available. (It seems like everyone gets this when they sign up.) However, Apple thinks that you will mainly use the digital version.
The physical card Apple Card is made of titanium and your name engraved on it, just for a little drama. You can show it by pressing it against a glass.
Where can I use Apple Card?
You will be able to use the Apple Card in applications, online (for example, web stores) and in physical stores around the world where MasterCard is accepted. (More information on the banking aspect below.)
How to register for Apple Card?
Apple Card will live in the Wallet app on your iPhone and you will register by pressing the Apple Card prompt in the wallet. Apple will guide you through the registration process. We have not seen this, but expect to take a few minutes. This is after all a credit card.
Do I have to wait for a credit check?
You must be a qualified customer. However, Apple does not share the details of what this means. However, you can register if you are interested to get more details later. Apple says that if you're approved, you'll be able to use your Apple card in minutes.
When can I get it?
Apple will launch Apple Card via the wallet application this summer. It will be in the United States first.
Will Apple Card also arrive in other countries?
Apple has only announced plans for the United States. It is possible that Apple uses the United States as a test bench before expanding into other countries. It is also possible that Apple is already negotiating with other banks and global institutions.
Which bank pays an Apple Card?
Apple works with Goldman Sachs as a bank to issue an Apple Card, a Mastercard.
How will Apple Card help me keep track of my finances?
If you have ever used a service such as Mint or other financial applications, you may be able to understand Apple's vision regarding your finances.
You will see images that clearly illustrate how much you spent for what, when it's due, and how much you owe. Apple also uses its card engine to link a purchase to a company. So it's clear what your payment is about (these things tend to be cryptic, like: "New York LLC" when you take a taxi.) Apple says that it uses machine learning to connect points.
You will also see how much you have spent up to now during a given week or month and track your purchases by category, such as meals and transportation. You can see how long it will take to pay back what you owe.
And if I need help to use my Apple card?
Apple says that if you are having problems, you can send text directly from the application.
How are the rewards of the Apple Card?
Apple does not opt for a points structure. It allows you to recover every dollar spent through a program called Daily Cash.
Here is what you get when you make a purchase via:
- 1% when using the Apple Titanium card (physical card)
- 2% when you use the Apple (digital) card for any purchase
- 3% when you use the Apple (digital) card on purchases you make directly from Apple
There is no cap to earn a daily salary … as long as you are in your credit limit. For example, if your expenses can not exceed $ 3,000, your earnings can not either. You will be able to track your daily cash flow through a card in your Portfolio application.
Is Daily Cash Real Money? Where can I spend it?
Yes, it is real money that you can use right away. You can spend in stores, send messages to friends, use apps or the web, or use to pay off your balance.
What about the payment of interest rates and fees?
Apple Card will allow you to pay more once a month. For example, you can pay weekly or every two weeks. It is not clear if you can pay every day if you want or there is more than one structure.
There are no late fees, annual fees, international fees or fees to exceed your limit.
What happens if I miss a payment?
Apple will not charge you a penalty in addition to your missed payment (for example, it will not cost you $ 25 more than you already owe). However, you will accumulate more interest in addition to your existing balance. More.
Is Apple Card secure?
Apple has highlighted four main ways to secure the Apple card.
- The card numberApple will create a unique card number for each device, which is stored in the security element, a security chip on your iPhone. You get a unique dynamic security code every time you make a purchase and authenticate each purchase biometrically, either by Touch ID or Face ID. Even if someone steals your phone, Apple states that it can not use your Apple card.
- Apparatus, no cloud: Apple does not track what you bought, where and how much you spent. All tracking occurs on the device, not on Apple servers.
- Your data is not for sale: "Goldman Sachs will never share or sell your data for marketing or advertising purposes," said Bailey of Apple.
- An almost blank physical mapIf you are using a physical Apple card, you will notice that your name is there, but there is no card number, no CVV, no expiry date, and no signature. If you need details, check out the Wallet app. This is likely to prevent others from scanning this vital information against security fraud by glancing at them or stealing the entire card.
If I lose my physical Apple card, can I order a new one?
Yes. If your card is lost or stolen, you can use the Wallet app to freeze it and order a new one.
Will it work with my iPad and my Apple Watch?
Yes, Apple says the Apple card will work on all your iOS devices. We will have to confirm if it will work with MacOS as well as with the iPhone, the iPad and the Apple Watch.
What's next with Apple Card?
We still do not know many details, such as the exact launch, the hidden fees, how Apple Card could affect people with low or no credit and when exactly the card will be launched. Apple will undoubtedly share more in the months to come. Until then, we can only hope that more things will remain on the surface.
Article published on March 25 at 12:01 PM PT
Update, March 26 at 1 pm: Adding more details.