Can the Apple Card change all credit cards?

SALT LAKE CITY – Apple introduced the world to a new credit card, called the Apple Card, at its event last week. It could change the way modern maps are built.

Apple announced at its event last week that it had partnered with Goldman Sachs and MasterCard for the launch of the card, according to the Associated Press.

• The card offers a cash back of 3% on products you buy from Apple.

• The Apple Card, which is a new physical credit card from Apple, has some advantages that traditional credit cards do not have. For example, the card has no late fees or overdue fees, such as traditional credit cards.

Security: But the card lacks another element that can change the functioning of all credit cards: a credit card number.

• Craig Vosburg, President of MasterCard for North America at MasterCard, recently told Bloomberg Television that the lack of Apple Card credit card numbers could cause other banks to do the same. After all, credit card numbers end up in the hands of thieves many times.

• "We want security to be at the highest level possible in the whole ecosystem, and we want to do it in a way that does not create friction and does not hamper payments for consumers," did he declare.

Similar: As BGR notes, the lack of credit card numbers could affect all credit cards in the same way that the elimination of signatures has resulted in an increase in the number of chips and chip readers.

• "The elimination of card numbers is a step in the same direction, as payment networks are progressively moving away from the obligation to sign, which they began to do when the introduction of chips into credit cards made the signatures less necessary. And it's not just Apple. US banks such as Capital One are also already experimenting with limited-use card numbers, which retailers are assigned to as needed. "

Larger image: Apple's move into the credit card business has not impressed all the experts, the Associated Press reported.

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• "I'm disappointed," said Ted Rossman, an industry analyst at Creditcards.com. "People will sign up, but it will be mostly because they like Apple, not because this card is better than anything that already exists."

• WalletHub's CEO, Odysseas Papadimitriou, told AP that there are better cards that do the same thing as the Apple card.

• "There are other cards that offer better rewards and no annual fees," he said. "There is a healthy market there, so from this point of view, there is nothing unique."