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June 22, 2019

By now we are quite well aware about Apple Pay, its benefits and features. On march 25.2019 at a special event that focused about Apple's all new services, company made an announcement about Apple card. This is a credit card by Apple, developed basically to be used on Apple devices with Apple Pay.

Goldman Sachs is going to partner with Apple providing the aid of an issuing bank and the global payment network will be extended to Apple Card by Mastercard.

Is there any Physical card & like how?
Considering shopping at the centres where Contactless payment system by Apple pay does not work yet, a physical card is created. There is no CVV security number, no card number, nothing sort of signature is embedded on it, no expiry date. All this information is available in Apple wallet app, which can be retrieved whenever required. The card is constructed in titanium body. The front of the card will feature card holder’s name, the Apple logo & the re-designed EMV chip. The back of it will feature logos of Goldman Sachs & Mastercard. It will also have magnetic strips running to the bottom of the card at the back. Everything is engraved through laser etching.

Benefits of Apple Card?
User Experience
The greatest benefit apple states is Apple Card’s firm integration with iPhone. Unlike other credit cards which demand multiple apps to receive their benefits entirely, here the whole procedure or the experience of the card, everything from the application to reward redemption occurs in the wallet app. The Card will serve you weekly & monthly summaries so you can keep a track of your expenditure and manage budgeting better. Apple knows how difficult it is to decipher statements and hence Apple card provide the actual names of the merchant, date of transaction & location. There are a few more additional features that help in understanding where your money is moving or payment options to encourage healthy monetary decisions.

Cash – Back
All purchases that you make with Apple Pay gives you 2% cash-back & the purchases that you do with physical Apple card gives you 1% cash-back. Furthermore, Apple Card offers 3% cash-back on all purchases that are directly made from Apple. The earned amount of the cash-back is called ‘Daily Cash’ which will be available every day for redemption in several ways through Apple Cash card or in case of no Apple Cash card, statement credit will work. There is no bonus announced by apple for sign- up as of now.

Privacy & Security?
For every Apple device, a card number is generated which is permanently unique, and is stored in a special security chip especially designed by Apple Pay called 'secure element' for the devices. A two-factor authentication is needed to use the Apple card. Each time you purchase, a one-time 'dynamic security code' is generated which needs authorisation through touch id or face id. Privacy features of Apple Card are such that it does not allow Apple to get any information about the customer's purchase like where they shopped, what was purchased and even how much was spent. it does not just ends here, Apple even further assures that Goldman Sachs is never going to use or sell your information to any third party for advertisements or marketing purpose. Apple’s approach to privacy & security for Apple Card is quite appreciable.

Any annual charges?
There are no annual charges for the apple Card. Apple even ensures no charges on over the limit, late, international fees. The Fine Print though says that ‘‘late or missed payments will result in additional interest accumulating towards your balance.’’ From March 2019 reports, information on interest rate is, ‘’Variable APRs range from 13.24% to 24.24% based on credit worthiness.’’ Although it is not at par to the expectations of many, but as per TechCrunch, Apple will position Apple Card users at the lower side of whatever interest rate tier they get in.

How & when?
No exact date known but Apple Card is expected to be available anytime in 2019 summers. Once it’s there, you can use the wallet app on your iPhone and apply for it. You can sign up to know as soon as it launches and it is going to be one card one user, so in no way you can share or add another user. Well, apple Card to us is much awaited and is for sure going to be a big time game changer in the market.

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