Apple Card to be launched in August, confirms Tim Cook | Business

Revealed in March, the Apple Card is already expected to reach the market: in a conference with investors on Tuesday (30), Tim Cook confirmed that American consumers will be able to request the company’s credit card from August.

Apple Card

The information is consistent with a recent report by Bloomberg which states that the Apple Card will be launched in the first half of August. Also according to the vehicle, the card request can be made on the iPhone via the Wallet application, provided the operating system has been updated to iOS 12.4.

Officially launching the Apple Card is more difficult than it looks. First because the operations involve two companies with very different corporate cultures: Apple teamed up with Goldman Sachs to create the credit card.

Basically, it is up to the financial group to take care of all the infrastructure related to financial transactions. However, there is information that, in May, Apple expressed concern about some processes adopted by Goldman Sachs and called for changes, which would have put employees involved with the project under great pressure.

Second, there is the need to prepare the Apple Wallet for operations. The app will display details of each expense made with the Apple Card and use artificial intelligence to automatically categorize transactions, in addition to providing weekly and monthly reports so that the user can have more control over their expenses.

Apple Card on iPhone

It is no mere whim that the company has spent the past few months testing the card: “thousands of Apple employees are using the Apple Card in a beta test and we will start rolling out the card in August,” said Tim Cook.

Apple promises several benefits for users, such as no annual fees and other fees that are common on credit cards. But the main highlight is the Daily Cash cashback program. With it, the consumer will receive back 2% of each transaction made with the Apple Card via Apple Pay.

In purchases on Apple’s own services (such as the App Store), cashback rises to 3%. In transactions made with the physical card, the return is 1%. The amounts are credited daily.

Speaking of physical card, it draws attention because it is titanium and has a minimalist look. Information such as a numeric string and CVV (security code) are not printed on it, but stored on your chip.

There is no forecast for the availability of the Apple Card outside the United States, although this possibility has not been ruled out.

With information: The Verge.

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