Apple is one of the most innovative companies , and its Apple Card is the latest innovation introduced in the market. There were lots of speculations about the event Apple held this week and how it would address its slowdown in growth. But to everyone’s surprise, the existing products were not in focus at all and a completely new product Apple Card grabbed all the headlines. Apple Card is basically a modern and advanced credit card, and it is specifically designed for iPhone users as it will work with Apple Pay. It takes only a few minutes for the iPhone users to sign up and get it ready for use.
The Emergence Of Apple Card
Apple CEO Tim Cook shared some outstanding stats and facts about Apple Pay which eventually led to the emergence of Apple Card. Apple Pay got to witness around 10 billion transactions so far in this year, Apple Pay is the main digital payment service used by most of the popular in the US as well as other European countries with a huge chunk of Apple users. In fact, the retail acceptance in Apple Pay in Australia is 99%, and that in the US is 70%.
By the end of the year, Apple Pay will be dominating in 40 countries across the world. Since Apply Pay has been wildly successful, Apple Card already has the platform to be super successful. Most of the people use a credit card for offline transactions due to various conveniences. Thus, it's clear that people using Apple Pay for online transaction will prefer using Apple Card for offline transactions.
How Does Apple Card Works?
After the initial signing up in a few minutes, you can control Apple Card from Wallet app seamlessly. Within the tap, you can tap on the card to find the last transactions, how much money you owe and how much you have spent in different categories. You can tap on individual transactions to see where the transaction took place via Apple Maps. To attract the Apple users, Apple is providing 2% cash back on every transaction Apple Pay transaction. When you purchase directly from Apple, the cash back is 3%. For physical transactions, there is 1% cash back available. The best part is that you will get the cash back daily and you do not have to wait till the end of the month which is the case with its competitors.
Apple has collaborated with MasterCard and Goldman Sachs to bring out the card. They have promised that the data will not be to anyone for marketing and advertisement. The most important thing to notice is that there is no late fee as of now. Moreover, there is no annual fee, no over-limit fee, or international fee. The Apple Card will have no card number, no CVV code, no expiration date or signature.
As far as the security measures go, you will get a different credit card number for every device. You can access the PIN code only through Face ID or fingerprint. For now, the card will be available for the US users this summer.