Apple has announced the new Apple Card, a credit card backed by Goldman Sachs and Mastercard, with unique spending information in Apple Wallet. It also provides card holders a unique titanium physical card and offers no fees and low interest rates.
Apple Card is built into the Apple Wallet app on iPhone, offering customers a familiar experience with Apple Pay and the ability to manage their card right on iPhone. 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.Apple Press Release
The new card has no fees: No card fees, late fees, international fees, or overdraft fees. It is truly free and it provides a unique Daily Cash cash back feature on purchases. It is accepted where ever Apple Pay is accepted or using your physical card at locations where it is not.
Daily Cash is one of the best features of this new card. It gives you 2% back each day on your purchases and 3% back on purchases made at Apple. If you use your physical card, it offers 1% back. These cash backs are added to your Apple Pay Cash card in your Wallet and can be used to send money to friend or for payments where Apple Pay is accepted.
Within Apple Wallet, you get unique information on your Card usage including options to pay on your card more frequently, spending trends, and simplified card statements that leverage Apple Maps data to show you where you spent your money instead of cryptic credit card statement names.
The new card will not be available until this summer but will feature an easy-to-use sign up feature right within the Apple Wallet app. This too was one of the key features Apple mentioned in the presentation today.
Rumors of an Apple credit card have been floating for a few months now so this announcement isn’t entirely unexpected. Generally speaking, the announcement today mirrored what was in the rumors. It will certainly offer some unique features that no other credit card on the market currently offers. The card will be available in the US first.
While Apple has touted the new card as being low interest, what exactly that interest rate will be was not disclosed at today’s event. Reading the fine print on the Card website, it states “Variable APRs range from 13.24% to 24.24% based on creditworthiness. Rates as of March 2019”