Apple announces Apple Card, a new credit card built into the Wallet app on iOS
Apple has revealed Apple Card, a new digital and physical Apple-branded credit card built in partnership with Goldman Sachs. The new banking service has been designed to “help customers lead a healthier financial life,” with the company offering features to allow users to track spending and help manage bills within the Wallet app on iOS.
Unlike many banking services, Apple Card has no fees and a much lower interest rate, according to the company. Apple claims it will only take a small processing fee for purchases made with Apple Pay, and if a customer misses a payment, they will not be charged a penalty rate, says Apple.
Apple is rewarding customers using Apple Card with financial cash-back rewards called Daily Cash. Users making purchases will earn 2% Daily Cash, and for purchases made at an Apple Store or for an Apple service such as Apple Music the Daily Cash reward percentage will increase to 3%.
For instances where Apple Pay isn’t accepted at a business, Apple is also launching a new designer titanium Apple Card for regular chip-and-PIN payments. The card has no CVV security code, no expiration date and no signature, making it the most secure bank card around.
Unlike digital payments made with Apple Card, transactions made with the physical card will earn users 1% Daily Cash for purchases.
Inside the Wallet app on iOS there is a new interface which shows users graphs of their spending, and Apple is integrating Apple Support directly through messaging within the Wallet application.
Detailed transition reports will be available to view within the app, with Apple using machine learning and Apple Maps to improve the quality of the information found in the card’s statements.
Speaking within a press release published to the official Apple Newsroom, Jennifer Bailey, Apple’s vice president of Apple Pay said Apple Card builds on the “tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone…”
Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.
Apple announced Apple Card will launch initially in the United States this summer.