Apple Card - Everything we know so far

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.