Apple has announced a new credit card that has all the features required to upset the current arrangements in the market. Among other features, Apple Card will have no CVV security code, no card number, no signature, and no expiry date—very interesting to say the least.
At the company’s “show time” service event on Monday, the tech behemoth said its card will use machine learning and Apple Maps to label to label stores that you use in the app. It also said it will use data generated to track purchases across categories such as “food and drink” or “shopping.”
Interested customers will be required to sign up on their iPhone in the Apple Wallet app and get a digital card that can be used anywhere Apple Pay is accepted “within minutes.” Apple Card customers, according to The Verge, will be able to track purchases, check balances, and see when their bill is due without leaving the app. Add to that, users will be able to get a physical titanium card—though this will come without the regulars like expiry date, CVV number, signature, and credit card number.
Apple Card will give customers cash back rewards which will come in form of Daily Cash—replacing the usual points-based reward program common to other major players in the market. Daily Cash will be applied straight to customer’s Apple Card to spend. Apple is also offering 2 percent cash back on purchases made through Apple Pay using an Apple Card. Purchases from Apple will receive 3 percent cash back, while purchases made through the physical card will get 1 percent cash back.
One of Apple’s biggest pull is its ability to protect users’ private data—the company is keeping to tradition with Apple Card. “Apple doesn’t know what you bought, where you bought it, and how much you paid for it,” said Jennifer Bailey, VP of Apple Pay per The Verge. The company said all customers’ spending tracking and other information will be stored directly on the device, and not on Apple ‘s servers.
For Apple Card, Apple is partnering with two industries giants– Goldman Sachs and MasterCard [responsible for payment processing]. It will also interest you to know that there will be “no late fees, no annual fees, no international fees, and no over limit fees” with the Apple Card and “lower interest rates” with no penalties for missing payments.
Apple Card is expected to hit the market this summer—just in time for the summer rush.
Got something to say about Apple Card? Feel free to use the comment box to share your views with us? Do you think the card has what it takes to hit the ground running?