In March, Apple presented a number of new services at a keynote speech - but the highlight is still Apple's new credit card - the Apple Card. In addition to the official information from Apple, many new details have emerged about the new payment method from Cupertino.
The Apple Card was originally launched in March during the "It's show time" event to the world public. In addition to the new payment method, Apple presented other services such as Apple TV+ and Apple News+. The Apple Card was the highlight of the entire show. The card is Apple's official entry into the credit card industry - the new Apple Pay addition is being implemented in collaboration with Goldman Sachs. Apple is reported to have negotiated the project with various banks - but they all turned it down due to profitability.
Apple Card Design
Although it is just a normal credit card, Apple has managed to arouse great enthusiasm among i-fans. The physical version of the credit card is made of titanium – a leak According to the company, it should weigh 14.75 grams. The front of the credit card is simple and has an embossed Apple logo and chip. Further down, the cardholder's name is also written in black. On the back of the card are the logos of Goldman Sachs, the card issuer, and Mastercard. A gray stripe is also clearly visible. The Apple Card is delivered in white packaging with a rainbow pattern on the inside. Since the card is linked to the Mastercard network, it can be used worldwide. There is a virtual card number in the Wallet app for apps and websites. This is automatically inserted when making a purchase in Safari. Incidentally, the credit card number can only be viewed via the Wallet app - the physical card is delivered without a corresponding number - a feature that Apple describes as "giving you a whole new level of security."
Apple Card bonus system and fees
Like many other credit card providers, the Apple Card will also have a bonus system. Users of this card will receive a two percent discount on every payment. Purchases from Apple itself, including Apple Stores, iTunes, and the App Store, will be rewarded with a three percent discount. The bonus is called Apple Cash and is paid out to users every day. The system is gaining significantly more attention due to its simplicity compared to competing products. There is of course official information on the fees too - according to Apple, using the card is completely free. This means that there is no annual fee for the card itself. Only the effective annual interest rate remains the same - this is between 13.24 percent and 24.24 percent - depending on the user's creditworthiness. Customers who pay their credit card bill late will not be charged additional penalty interest or late fees. This is a special point that should set the Apple Card apart from many competing products.
application and creditworthiness
As far as applying for the card is concerned, recent reports indicate that it should only take a minute to fill out the application. This is because Apple takes a large part of the required data from the Apple ID itself - once the application has been sent, the user can usually expect a response straight away. The decision on approval should therefore be communicated to the user within a few minutes. If the card has been approved, the customer can get started straight away - the titanium version of the Apple Card should then be delivered in one to two weeks. Neither Apple nor Goldman Sachs have communicated the exact requirements for issuing the card.
According to an anonymous source, customers with low credit scores can also get an Apple Card because Apple and Goldman Sachs have set the requirements lower than other credit card issuers, but the limits are correspondingly lower. It seems as though Apple and Goldman Sachs want to offer the new credit card to a wide range of consumers, which could potentially be very helpful for some - but whether that is really so beneficial is another matter.
Setting up the Apple Card
As soon as the customer has received the physical Apple Card, it can be paired directly with the iPhone like any other Apple accessory. The process is initiated by tapping the small iPhone symbol in the Apple Card packaging. This is made possible by a built-in NFC chipA setup screen will now open on the iPhone, similar to that of the AirPods or HomePods. During the setup process, the user simply has to follow the instructions - after that, the titanium Apple Card is ready for use.
Apple Card and Security
As already mentioned above, the physical Apple Card does not contain a card number, CVV or an expiration date on the card itself. The customer can obtain this data at any time from the Wallet app on the iPhone. Furthermore, the physical credit card will not require a signature on the back. The Apple Card will not be available as a partner or joint card. Replacement cards are free of charge - two-factor authentication is also required. Apple goes a step further in managing the credit card. Owners of an Apple Card can generate a new credit card number at any time by pressing a button in the Wallet app - a particularly high security aspect - a new CVV code is also created. In addition to an almost secret credit card number, every purchase must be confirmed with Touch ID or Face ID. A confirmation code is also required for every transaction. The physical credit card was not equipped with an NFC function - the task of contactless payment is therefore reserved for the iPhone and Apple Watch. As far as protection against attempted fraud is concerned, there is also a solution for this. If a potentially fraudulent credit card transaction is detected, the user is informed directly via a push notification. Here, the transaction can be marked with an "OK" or "Report a problem". The digital Apple Card has a particularly interesting feature. Depending on the user's spending behavior, the digital credit card changes color. Each category has its own color pattern. This allows the user to see what the most transactions were made for based on the color gradient. While the competition has full insight into the individual transactions, Apple promises that this will not be the case with the Apple Card - it says:
"At Apple, we strongly believe in your right to privacy. That's why we built a unique architecture for Apple Card that generates things like your transaction history and spending summaries right in the Wallet app on your iPhone. Of course, Goldman Sachs will use your data to operate Apple Card. But they will never share or sell your data to third parties for marketing or promotional purposes."
The wallet application as a central
The best thing about the Apple Card is its clarity. Everything related to Apple's credit card is handled via the Wallet app. However, this uses other Apple apps. If the user wants to know where transaction XY was made, the Apple Card will use Apple Maps to determine the exact location - including the address and name of the respective shop. The available balance is displayed using a ring system - familiar from the Apple Watch Activity app.
In addition, the ring system offers additional functions. Users who want to pay their bill in installments can do so using a ring provided for this purpose - the interest is of course also displayed. Billing can be customized. For example, automatic debits on a weekly, bi-weekly or monthly basis are available. The Apple Card also has intelligent payment suggestions that can adapt to the user.
availability of Apple Card
The Apple Card will be released this summer. The credit card is expected to be compatible with iOS 12.4 goes live. Apple's new payment method will initially only be available in the USA. It remains to be seen when the Apple Card will be available in other countries. According to recent rumors, there are already negotiations with various financial authorities about a expansion to Europe Fans may not have to wait as long for the Apple Card as they already did with Apple Pay was the case. Click here to Apple Shop on Amazon
