The announcement of the Apple Care was unveiled at an event that drew the interests of millions of people. According to a press release, the Apple Card has been built on transparency, privacy, and simplicity.
It has been designed to help people lead a much better financial future. When first released, it was only available for selected people but for everyone else later on.
The Apple Card is in exact alignment with Apple Pay while delivering new experiences only available with the power of the iPhone. The Apple Card was created to help people lead healthier financial lives with a clearer understanding of their overall spending habits so they will be able to make smarter decisions regarding their money.
It allows customers to understand how much it will cost them to pay something over time instead of paying down their balances.
The Apple Card is very much like credit cards that are in just about everyone's possession around the world. In order to apply and get the card, you must open the Wallet app on your iPhone and provide some basic information.
After that step, Goldman Sachs, which is the bank that is backing the card, will approve or deny your application within minutes. If you are approved, the Apple Card will show up in your wallet app and will be available for use immediately.
Apple has partnered with Goldman Sachs and MasterCard to give excellent support for banks and global payment networks.
Transparency and simplicity are at the core of their products. David M. Solomon who is the chairman and CEO of Goldman Sachs is thrilled to partner with Apple and their Apple Card. He believes this card will help consumers take control of their finances.
Apple said Goldman Sachs is focusing on the customer by creating a whole different experience using credit cards. Also, they never share or sell data to third parties for marketing or advertising.
On top of that, MasterCard will provide users the ability to shop anywhere around the world. Ajay Banga, president and CEO of MasterCard, said they are extremely excited to be the global payment network for the Apple Card by providing customers with fast and very secure transactions anywhere.
Ben Geskin, the gadget designer, shared a picture of the Apple Card on his Instagram page last May. The card is very sleek in appearance with a very simple design. It only shows the cardholder's name, a chip, the Apple, MasterCard, and Golden Sachs logos.
Cardholders can use their Apple Pay on their iPhone or use the Apple titanium card anywhere in the world.
The card was designed for the highest security, according to Apple. Their goal is to ensure the cardholder is the only person who can use this card. The advanced security technology of Apple Pay has unique transaction codes that are built-in and the actual card has no numbers on the front or back.
With no visible account numbers, the card provides advanced security. Also, cardholders will get an immediate notification after each purchase and will know if something is not right. If something is wrong, you can notify Apple 24/7 with text support. They will take care of the situation. That in mind, users will be held liable for any fraudulent charges.
The promo images will show a card in the app with a gradient design. The gradient reflects the categories of all your purchases.
As an Apple Card user, you will be able to see your weekly and monthly statements directly in your Wallet app. All purchases will be categorized, making it so much easier to spot any spending habits, according to Apple.
For food and drinks, you can view a list of purchases from any place including DoorDash, Whole Foods, etc. For entertainment, you will see what you have spent on movies, concerts, and even your Apple music subscription. You can also tap on the name of a merchant and see what you have purchased from them.
The Apple Card will not only show users how much they have spent but will also show them where they spent it. If the cardholder does not recognize a charge, they can use Maps to find out exactly where the purchase was made.
Customers will receive a percentage of every Apple Card purchase through their Daily Cash. Unlike other cashback rewards, Daily Cash is added to your Apple Cash every day and can be used right away to make other purchases, to apply toward your Apple Card balance, or send to friends and family with a message.
Cardholders will get 3% back on everything they purchase from Apple whether in the Apple Store, at apple.com or iTunes including games, in-app purchases, and services such as Apple Music subscriptions and iCloud storage plans.
Cardholders will get 2% back every time they purchase something using Apple Pay and every category has no limits. If they choose to purchase something without the Apple Pay, they will still receive a 1% cashback.
Apple Card payments are due on the last day of the month. Cardholders will get a reminder when their due date is coming. Also, users can choose to set up weekly or biweekly payments to align with their paychecks.
The Apple Card does not have hidden charges so users will not be taken by surprise when they see their balance. There are no annual fees, no cash advance fees, no international fees, no over the limit, or returned payment fees. No Hidden Fees.
On top of that, the Apple Card offers interest rates that are among the very lowest in the industry. Apple said they want to help customers make informed decisions.
They have a range of payment options which will calculate the interest cost for the different payment options in real-time. According to Apple, if a customer misses a payment, they will not be charged a penalty rate.