All about Apple Credit Card powered by Apple Pay

All about Apple Credit Card powered by Apple Pay

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We have been using Mobile Wallets but have never thought of a Credit Card for our Mobile Wallet. Yes, Apple made it possible and introduced its own unique Credit Card termed as Apple Card. I have thoroughly reviewed all its features and couldn’t find a catch here. After knowing about this incredible innovation, I am so likely to get one and waiting for this summer.

Apple Pay Market

On Monday March 25, 2019, Apple CEO Tim Cook announced the launch of Apple Card with Apple Pay estimating 10 Billion transactions in more than 40 plus countries. This Credit Card is exclusively designed for iPhones and works with Apple Pay Wallet App. Acceptance of Apple Pay is around 70% in US however Australian business market has beaten it with 99% acceptance. Apple has partnered with Goldman Sachs, America’s renowned multinational investment bank and financial services company, to design Apple’s Card the Apple way. The card arrival is hyped overnight but won’t be handy before this summer.

Fabulous Apple Card

Fabulous Apple Card
Image Source: Apple.com

You will be stunned to know about amazing features of Apple Card including its looks and security features. Introducing one of its kind, a Titanium laser-carved card without any Card Number, Expiration Date, CVV Code embossed or printed. It doesn’t require any signature as well. It only comes with your Name, Apple Logo and a chip embedded paired with Apple Pay which runs on MasterCard network. Right after signing up with your Apple ID, you can start controlling your Apple Card with one tap on your iPhone. The App gives you handful of information on your spends, purchase, Credit/Debit balance with a categorically analysis on your spend trends. It also gives you option to check your spends with a Map, Merchant Name, Date & Time, Amount and Rewards for every purchase.

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Rewards and Cashback

Rewards and Cashback
Image Source: Apple.com

As an introductory product, Apple is giving you 3% cashback if you purchase anything from Apple Store, iTunes, apple.com, or The App Store.  It also offers you 2 % cashback when you use Apple Pay App for any category you shop. Which means, you always have an option to get 2% cashback whenever you scan a QR Code. If you come across a bill which doesn’t accept Apply Pay, you get 1% cashback when you pay using your Apple Card. The most interesting fact is there is no limit on any of these transactions and daily cashback is credited every day to your wallet. It also gives you access to check on your spending habits and an analytical weekly/monthly statement categorically highlighting your favorite spends.

No Fee or Charges Imposed Except Interest Charges

no fee or chareges

As per Jennifer Bailey, VP of Apple Pay, Apple Card is accepted wherever Apple Pay is already accepted, however places where Apple Pay is not an option, Apple card can be used as a Credit Card. The card is also featured with No Late Fee, Annual Fee, International Fee, Over Limit Fee, Cash in Advance Fee, and No hidden charges. Apple claims that the rate of interest vary between 13.24% to 24.24% based on creditworthiness however as per the Federal Reserve, average floated around 14.22% to 16% in last 2 years. This Credit Card won’t be contactless which is for some unknown reason.

Payment Reminders and Schedules

payment reminders
Image Source: Apple.com

Apple Card wallet reminds you about your due dates and you can also schedule weekly or monthly payments as per your payday. Default payment cycle arises on the last day of the month, however you have option to prepay or post pay as per your convenience keeping interest charges in mind.

Instant Fraud Protection

instant fraud protection
Image Source: Apple.com

Whenever you buy something or make a transaction, you get notified keeping in mind that it’s your money. If anything seems suspicious, you get alerts to confirm it’s you who is making the payment. If you find anything wrong, you just need to tap and let Apple know about it and sit back and relax. They are liable to take care of any notified fraudulent activity. If you have a question, you need not to sit on long IVR queues as they provide text chat services 24/7.

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Clear visibility on Interest Charges

Clear visibility on Interest Charges

Apple Card gives you option to make partial payments as per your budget. It is always recommended to make full payments to get 0% interest charged however if you can’t do that, Apple does the calculation for you on a floating base reduced interest charge. All you need to do is choose any number you wish to pay, and Apple will instantly calculate and show the interest applicable on rest of the amount.

Security Feature

security feature

In terms of security, Apple has designed a separate card number to be stored securely in each of your devices. The one-time security Code for each transaction can be accessed only after using Fingerprint or Face ID. Now no fraud can be committed without stealing your Phone, Face ID or Fingerprint. Apple and its partners Goldman Sachs & Mastercard have taken a pledge not to save or sell your data of spending habits, what you buy or where you spent to anyone.

If you don’t want to miss out on this card, follow the link to the bottom of the page and submit your request.
https://www.apple.com/apple-card/

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