Apple enters financial services market with privacy-first credit card

Apple enters financial services market with privacy-first credit card

Apple enters financial services market with privacy-first credit card

Available in the US this summer, Apple Card will also offer a clearer and more compelling rewards program than any other credit card in the market, with "Daily Cash", which gives back a percentage of every purchase as cash on customers' Apple Cash card each day.

Analysts of the credit card industry have found that the rewards program of Apple Card is not significantly different from the already existing similar program in the market.

It seems as there are no hidden fees, late fees, annual ones, worldwide ones or over-limit ones.

"We want security to be at the highest level possible across the ecosystem, and we want to do that in ways that don't introduce friction and make payments inconvenient for consumers", Vosburg said in an interview with Bloomberg Television. For purchases made by means of the App Store, iTunes, or other direct-from-Apple purchases, you'll get 3% cash back.

Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations.

Purchases are automatically totalled and organised by colour-coded categories such as food and drink, shopping and entertainment.

Apple Arcade is effectively a subscription service for accessing quality iOS games on your iPhone, iPad, Macbook and Apple TV devices.

Here's everything Apple announced at its March 25 Special Event

Jennifer Bailey VP Apple Pay.

Apple (AAPL) unveiled its laser-etched titanium credit card at its keynote event on March 25. The card, launched in partnership with Mastercard and Goldman Sachs, and targeted mainly to iPhone users, will be launched this summer.

The Apple Card will also allow you to generate a new credit card number any time, via the Wallet app.

The great thing about the Apple Card is that, compared to traditional credit cards, it will not have any late, worldwide usage or yearly fees. This drops to 1% if the physical card is used. Android users with a Texture subscription aren't as lucky since there is no Apple News+ app available for that platform.

If you have a debit card on file, then that will continue to work just fine, and this is only going to impact those who were using a non-Apple credit card. But, if you spend a lot of money at restaurants, or other local businesses that don't take Apple Pay, you'll have a more hard time maximizing your rewards.

Goldman Sachs Group Inc will issue the cards to users. Making purchases with the physical credit card will earn you one percent cash back. However, it seems that the iPhone-maker has not secured the service well enough and one can easily download magazines without actually subscribing to the service, MSpoweruser reported.


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