Now that same ease of use is coming to a credit card made by Apple. And, as you’d expect from a credit card made by Apple, it’s not like other credit cards. Apple focused on security and helping you manage expenses, pay off debt with as little interest as possible, and quickly earn cash rewards.
Surprisingly, it might be the one of the most exciting things Apple revealed at their event.
In This Article:
The Apple Card
The Apple Card is a credit card with absolutely no fees and, according to Apple, “lower interest.” There are no annual, late, international, over limit, or any kind of fees. If you miss a payment, you only have to worry about interest. It’s a convenient card for people who increasingly rely on credit for purchases. We’re living in a debt economy, and most Americans are in debt.
Show Me the Money (Rewards!)
Furthermore, you can transfer money from your Apple Cash card to a debit card for your bank instantly if it’s already in Apple Wallet. If it’s not, you can still do a bank transfer, but this can take 1-3 days, like most bank transfers.
The Apple Card App
The Actual Apple Card
Forget AirPods or your iPhone, this is going to be the weird financial flex of the year. Apple knows that some places just can’t take Apple Pay. They might not have an inexpensive reader from Square yet, perhaps they can’t afford the small percentage credit transactions cost, or maybe you’re paying at a bar or restaurant. There will be times when you have to hand over an actual credit card. That’s where the titanium—yes, titanium—Apple Card comes into play.
The Apple Card is a slab of titanium with a chip and magnetic strip. It features laser engraved Apple Logo, Master Card logo, and your name. That’s it. No credit card number, CCV, expiration date, or any other information. That means, if you lose your card, there’s nothing to worry about except some lost titanium. It’s otherwise nothing more than a card with your name on it, making stealing your credit info extremely difficult if not impossible.
The last time I had my credit card stolen it was someone trying to copy down the information and order through my name and card information. They got it and tried to place an order, but my card carrier caught them. Still, I had to change all my information. This has happened to me twice. Credit card companies are good at tracking when this happens, but fraudulent expenses are still a huge net loss for credit card companies and consumers.
If you need that info, or someone needs you to prove your identity, it’s easy with the Apple Card app or a photo ID. The app will still contain all the information for your card.
Release Date
The Apple Card will be out in summer of this year for qualified users. You’ll need to pass a credit check, and Apple hasn’t stated how high your credit score will need to be for this. However, if you’re already on Apple’s new iPhone every year program, you likely qualify. If not, make sure you pay off all your bills each month, use your current credit card for everything, and pay it off every week. That might boost your score in time for the summer.
The Apple Card is going to allow Apple to keep users completely in their ecosystem. You will be able to buy an iPhone with your Apple Card, finance it through Apple, collect the 3% Daily Cash, and use that to pay your friend for dinner. With the Apple Card, Apple will be involved in your daily life more than ever. However, unlike Google, Apple will do so without tracking you, selling your information, collecting information, or otherwise violating your privacy. Perhaps that’s worth becoming more deeply involved with the Apple ecosystem.
Source: Apple Newsroom