Facts about Apple Card

March 27, 2019 Finance Talk Valli Sarvani No comments

Tech giant Apple announced Apple Card on Monday in association with Mastercard and Goldman Sachs.

In order to leverage its success with Apple Pay, this credit card has been announced by the company.

Apple Card is a credit card which can be used both locally as well as internationally. Like all other cards, this card also has rewards and daily cash back offers.

Here are some important facts about Apple Card:

In order to use Apple Card, you should have an iPhone as the card comes like a built-in feature in the Apple Wallet.
One of the most notable features of the Apple Card is that it does not have numbers, CVV code, expiration date etc. on it like a normal credit card. It only includes the name of the card owner with the logo of both Apple and Mastercard. The card number is locked securely in the Wallet app in the user’s iPhone. As the iPhone already comes with a Face and Touch ID, this card number will be stored safely it.
Apple assures complete privacy saying that even the company does not know anything about your purchases using that card like what you bought, where you bought and how much you paid etc.
There is no fee for international usage.
The customers in the US can sign up for Apple Card in the Wallet app so that they can use it in minutes. The registration for this card in the US will be open in 6 months. Later, the services are likely to be launched in other countries where Apple Pay is accepted.
One can check their weekly as well monthly spending summaries on their Wallet app which provides a breakdown in different categories like food, drinks etc. This app does not have any ads.
There is an interest calculator feature to calculate interest and add it to your existing balance if you do not pay the balance by the due date.
The app sends notifications about your next bill cycle regularly, so there is no chance to miss your due date.

Image Credit: Marco Verch / CC BY 2.0