Apple Card: credit card with no annual fee launched for some customers | Business

THE Apple promised to launch his credit card in August, and he really arrived… in the US: the Apple Card is being distributed to customers selected at random through the Wallet app; more people will have access to the product at the end of the month. The card has no annual fee or fees, and requires an iPhone or iPad with iOS 12.4 to be used.

Apple Card

Registration is done through the Wallet application: some information is automatically filled in with Apple ID data, including name and date of birth; it is also necessary to enter the income level. Goldman Sachs reviews the proposal and responds in less than a minute, approving or denying the request.

With the approved Apple Card, it is possible to make purchases immediately on NFC machines and on internet transactions. If the online store doesn’t support Apple Pay, that’s fine: Wallet stores a virtual card number that can be used in this case.

Apple is working hard to keep customers from paying interest. The Apple Card interface on the Wallet displays a circle with three markers: the minimum installment per month, the minimum without paying interest, and the total amount. Rates range from 13.24% to 24.24% per year; are similar to those of other cashback cards in the USA, which charge between 16.24% and 24.36% per year according to US News.

Apple Card

Apple Card offers cashback through Daily Cash

As we explained earlier, the Apple Card has a cashback program called Daily Cash: the customer gets 3% back on all purchases from the App Store (including in-app), the Apple Store (physical or virtual) and Apple subscriptions . If you make payments through Apple Pay, that’s 2%. In all other cases, the cashback is 1%.

The amount obtained through Daily Cash is credited in less than one day, according to the TechCrunch, and can be transferred to a bank account: if the transfer is instant, there is a fee of up to $ 10; if the customer waits 1 to 3 days, it is free.

Wallet shows your spending categories on a graph and on a “heat map” on the card image. The Apple Card starts out white, but if you use it in restaurants, it will get an orange tint. When spending on entertainment items, the color will acquire shades of pink, and so on.

Apple Card has titanium credit card (and no NFC)

There is also a physical card, made of titanium, which can be ordered free of charge by customers. It comes in a NFC chip package to facilitate the activation process: just touch the iPhone or iPad against it, instead of calling the bank.

However, the physical card itself does not have an NFC, that is, it does not support contactless payments. Apple obviously wants you to use your iPhone for this: that way, it earns a percentage of the transaction.

The Apple Card is an attempt to diversify the company’s business as iPhone sales decline. It is worth remembering that owners of this credit card must keep a device with iOS or iPadOS to use it, at the risk of having their account closed.

With information: TechCrunch, The Verge.

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