Apple today announced Apple Card, their innovative new credit card that the company says is “designed to help customers lead a healthier financial life.” Apple Card is built into the Apple Wallet app on the iPhone, offering a familiar Apple Pay-like experience to customers.
Apple Card transforms the entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security. Available in the US this summer, Apple Card also offers a clearer and more compelling rewards program than other credit cards with Daily Cash, which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day.
Customers can sign up for the Apple Card in mere minutes, using the Wallet app on their iPhone. Once approved, users can immediately begin using the new card with Apple Pay in stores, apps, or online.
“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “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 Card gives customers easy-to-understand, real-time views of their latest transactions and balance right in Wallet, and Apple Card support is available 24/7 by simply sending a text from Messages.
Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations. Users will see their purchases automatically totaled and organized by color into color-coded categories such as Shopping, Entertainment, Food and Drink, and many more. Customers will receive weekly and monthly spending summaries.
Customers will receive “cash back” like many other cards offer. However, the Apple Card’s “Daily Cash” rewards are added each day to the customer’s Apple Cash card, which can be used right away to make Apple Pay purchases or for sending to friends and family via Messages.
Every time customers use Apple Card with Apple Pay, they will receive 2 percent Daily Cash. Customers will also get 3 percent Daily Cash on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services.
There are no fees associated with the new card: no annual, late, international or over-the-limit fees. If a customer misses a payment, they will not be charged a penalty rate.
In addition, in order to help customers make informed charges, the card shows a range of payment options and calculates the interest cost on different payment amounts in real time.
Apple is partnering with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network.
Apple will also supply to customers a titanium Apple Card for shopping at locations where Apple Pay is not accepted yet. With no card number, CVV security code, expiration date or signature on the card, Apple Card is more secure than any other physical credit card. Purchase made using the titanium card will give customers 1 percent cash back.
US customers can now sign up for the latest news about Apple Card on apple.com/apple-card. The card will be available to qualified customers in the US this summer.