We are going to witness the launch of first ever physical card by Apple this summer which is predicted to be unlike traditional credit cards available in the market. The details of Apple’s new and innovative credit card were announced on March 25 at an event that was held in the Steve Jobs Theater in Santa Clara County’s Cupertino, California.
A snippet into the Apple Card & its features
- It works both via iPhone wallet (Apple Pay) as well as in physical form (titanium and laser etched).
- Secure to use; no information on customers’ shopping details will be shared with third parties for marketing purposes.
- It is easy to understand and operate.
- Instant reward points that can be used either by the users or they can send them to their friends and family.
- Users will get rebate upon paying; 3% on the assets bought from Apple stores or iTunes, 2% through Apple Pay app and 1% while using the physical card.
- Lower interest rates; based on creditworthiness, the interest rates will range from 13.24% to 24.24%.
- Provides detailed information on customers’ usage through the card
- There are no annual, international or late fee charges; it might be ‘a hard to believe concept’, but it is true, there are no hidden fee charges.
- Users can manage their account and know the details on their iPhone’s ‘Apple Wallet’ app.
- Easily available assistance; in case of any doubt, all the user has to do is type a message and avail the required help.
Supported by Goldman Sachs, the chief executive officer of Apple Inc., Tim Cook introduced the launch of the Apple card after half an hour of the start of the event. He talked about dependency on credit cards while addressing the problems and crimes related to them such as confusion while redeeming the reward points, interest rates, their mobile apps and websites along with all the rules and regulations that are unreliable and are very difficult to understand.
Available this summer, the Apple credit card is believed to change all of the above mentioned hassles. Powered by Apple Pay, users can directly sign up on their iPhone to avail its valid digital version within minutes that can directly be used via its Wallet app. The most notable feature of the Apple card is that it does not charge an annual or foreign transaction fee along with no extra charges for going over the credit limit or for missing a payment. Tied directly into Apple Pay, the users can access the card at any given point of time and have options for paying either by the wallet or by the physical card made of titanium which does not have a number or expiration date carved on it. To use the card online that requires typing the card number, a unique code is generated by the Apple wallet app for each transaction.
Later at the Apple Special Event, Cook also revealed Apple’s subscription news service called Apple News, gaming service-Apple Arcade and Apple TV Channels.