Apple's Brand-New Credit Card: Everything You Need to Know

First and foremost, it is set to become available in the summer of 2019, with users able to sign up on Apple.com to receive notifications when it launches. In terms of details, the card is a MasterCard that has been partnered with Goldman Sachs to provide credit. It will be exclusively available in the U.S. at present, although this may change in the future.

The Apple card exists in two places: virtually in the Apple Wallet app and in the real world as a physical titanium card. The virtual card can be accessed through the Apple Wallet app, which means that users can use it for NFC-based mobile payments or Apple Pay. On the other hand, the physical card does not have a CVV, signature, or number on it, so if you need these details for online transactions, they will be found in the Apple Wallet. However, the physical card cannot be used to tap and pay, so users will still need their phone.

In terms of cashback options, the card offers daily cashback, which is a feature that many other cards also offer but often require users to wait until the end of the billing cycle to receive. The amount of cashback varies between 1% and 3% depending on what category you are spending in. For example, if you use the physical card for purchases made at Apple or through an Apple subscription like Apple Music, you will earn 3% cashback. This cashback automatically goes into your Apple Cash account, which is a different virtual card that can be linked to your bank account to withdraw funds.

Another key feature of the Apple card is its lack of late fees, international transaction fees, and annual fees. While these may not seem like significant issues, it's worth noting that this is a credit card and users will still need to pay off their balance in time to avoid interest charges. The APR for the card ranges between 13.24% and 24.24%, depending on your credit score.

In terms of using the Apple card, there are several convenient features that set it apart from other cards. For example, you can use double tap on the power button and use Face ID or Touch ID to authorize transactions like other NFC-based payments. Additionally, every time you make a purchase with the Apple card, you will receive a notification on your phone immediately. This feature is not new, as users who have set up their bank card with Apple Pay will also receive notifications when they make a transaction using their physical card.

It's worth noting that Apple says it will not be able to see what you buy where you bought it or how much you paid for certain transactions, as this information is generated on your device naturally. Goldman Sachs will need to access some data in order to make the card work, but according to Apple's website, the company will not sell or share this data with third parties for marketing or advertising purposes.

Finally, users of the Apple card can also get support by texting a phone number rather than having to call the bank directly. This adds another layer of convenience and user-friendliness to an already impressive lineup of features and benefits.

"WEBVTTKind: captionsLanguage: enApple has a brand-new credit cards so let's break down what we know about the Apple cards so far first thing is that it's going to be available in the summer of 2019 and you can sign up on Apple comm to get notified when it launches main details is that it's a MasterCard Apple has partnered with Goldman Sachs to give you credit and it's only going to be available in the u.s. at least to start with and once it launches you can apply and then once approved you can start using it within minutes so the Apple card exists in two places the first is virtually in the Apple Wallet app if you've setup Apple pay with your other bank cards or travel passes the Apple card will also live in there that means you can use the virtual card anywhere you can use NFC based mobile payments or Apple pay the second place the Apple card exists is in the real world so you can get a physical titanium card if you want it but there's no CVV no signature and no number on the card itself so if you need those details for something like an online transaction you'll find them in the Apple wallet and the physical card can't be used to tap and pay so you'll still need your phone as for cashback options the card offers you daily cashback many other cards have you wait until the end of the billing cycle to receive those points or cashback itself that cashback amount varies between 1 and 3% depending on what category you're spending falls under it's 1% when you use the physical card 2% when you're using the card through Apple pay and 3% if you're buying something from Apple whether that's through the Apple Store or a subscription like Apple music that cashback goes automatically into your Apple cash account which is a different virtual card in your wallet you can link it to your bank account to withdraw pay friends like you can with an app like venmo or use it towards paying off the credit card itself let's talk about faiths Apple says you won't be charged late fees international transaction fees or annual fees but of course remember this is a credit card not a charity so you will still be charged interest if you don't pay off the balance in time the APR or annual percentage rate varies between thirteen point two four percent which is fairly low compared to the average of some other big cards but goes up to twenty four point two four percent depending on your credit you'll also be able to see breakdowns of how you're spending in the app on a weekly or monthly basis it's color coded as well so different colors represent different categories like food or travel the app will also give you estimate of the interest you'll need to pay to clear your balance if you've used Apple pay before then making a transaction on the Apple card is exactly the same you can double tap on the power button and use face ID or double tap on the home button and use touch ID to authorize a transaction like other NFC based payments each time you make a purchase it needs the unique device number that's generated when you get the card plus a one-time code or token the Apple card also has transaction monitoring so every time you buy something you'll get a notification on your phone immediately this isn't new because if you've had any other bank card setup with an Apple pay and make a transaction with a physical card you'll still get that notification on your phone and like many other credit cards you'll also get notifications when it detects an unusual transaction the only difference is that it will pop up as a notification from the Wallet app rather than say a text email or app notification that other banks may use Apple says that it won't be able to see what you buy where you bought it or how much you paid as all that information is generated on your device naturally Goldman Sachs still has to see some data to make the card work but according to Apple's website it won't sell or share that data with third parties for marketing or ads one final thing to mention is that you can also text for support rather than having to call the bank direct so that's all we know so far about the Apple card make sure to stay tuned to seen it for more details or you can tweet me with your questionsApple has a brand-new credit cards so let's break down what we know about the Apple cards so far first thing is that it's going to be available in the summer of 2019 and you can sign up on Apple comm to get notified when it launches main details is that it's a MasterCard Apple has partnered with Goldman Sachs to give you credit and it's only going to be available in the u.s. at least to start with and once it launches you can apply and then once approved you can start using it within minutes so the Apple card exists in two places the first is virtually in the Apple Wallet app if you've setup Apple pay with your other bank cards or travel passes the Apple card will also live in there that means you can use the virtual card anywhere you can use NFC based mobile payments or Apple pay the second place the Apple card exists is in the real world so you can get a physical titanium card if you want it but there's no CVV no signature and no number on the card itself so if you need those details for something like an online transaction you'll find them in the Apple wallet and the physical card can't be used to tap and pay so you'll still need your phone as for cashback options the card offers you daily cashback many other cards have you wait until the end of the billing cycle to receive those points or cashback itself that cashback amount varies between 1 and 3% depending on what category you're spending falls under it's 1% when you use the physical card 2% when you're using the card through Apple pay and 3% if you're buying something from Apple whether that's through the Apple Store or a subscription like Apple music that cashback goes automatically into your Apple cash account which is a different virtual card in your wallet you can link it to your bank account to withdraw pay friends like you can with an app like venmo or use it towards paying off the credit card itself let's talk about faiths Apple says you won't be charged late fees international transaction fees or annual fees but of course remember this is a credit card not a charity so you will still be charged interest if you don't pay off the balance in time the APR or annual percentage rate varies between thirteen point two four percent which is fairly low compared to the average of some other big cards but goes up to twenty four point two four percent depending on your credit you'll also be able to see breakdowns of how you're spending in the app on a weekly or monthly basis it's color coded as well so different colors represent different categories like food or travel the app will also give you estimate of the interest you'll need to pay to clear your balance if you've used Apple pay before then making a transaction on the Apple card is exactly the same you can double tap on the power button and use face ID or double tap on the home button and use touch ID to authorize a transaction like other NFC based payments each time you make a purchase it needs the unique device number that's generated when you get the card plus a one-time code or token the Apple card also has transaction monitoring so every time you buy something you'll get a notification on your phone immediately this isn't new because if you've had any other bank card setup with an Apple pay and make a transaction with a physical card you'll still get that notification on your phone and like many other credit cards you'll also get notifications when it detects an unusual transaction the only difference is that it will pop up as a notification from the Wallet app rather than say a text email or app notification that other banks may use Apple says that it won't be able to see what you buy where you bought it or how much you paid as all that information is generated on your device naturally Goldman Sachs still has to see some data to make the card work but according to Apple's website it won't sell or share that data with third parties for marketing or ads one final thing to mention is that you can also text for support rather than having to call the bank direct so that's all we know so far about the Apple card make sure to stay tuned to seen it for more details or you can tweet me with your questions\n"