Apple Card: The New Competitor for Financial Bigwigs

Apple regularly adds transformative gadgetry to its continuum of services, which it announces excitingly at its ‘show time’ events. An Apple shuttle or an Apple bike may be the matter of a fuss in present times, but an Apple credit card has undoubtedly come into existence.

Apple launched its thinnest and lightest credit card in a spree where it keeps all the innovations a notch above other competing props. The new Apple Card credit card assimilates a unique transacting experience with no fees, daily rewards, lower interest rates, and more straightforward applications.

iPhone users can instantaneously apply for the Apple Card by signing up in the Apple Wallet app, and in turn, they will receive a digital card. A physical titanium card can also be obtained, which brandishes a sleek look devoid of any information like credit card number or CVV. The Apple Wallet app will allow the user to get a hold of transactions, dues, and balances.

Apple has adorned this gracious launch with a more enticing reward program which prefers providing Daily Cash over points. Apple has also stated that the card incorporates machine learning and Apple Maps to assist users in finding various stores and cafeterias that use Apple Pay.

There’s a 2 percent cash back if a user lodges transaction request through the Apple Card from the Apple Pay app; 3 percent cash back from in-Apple purchases and 1 percent cash back if the transaction is made through the physical card.

Apple has roped in financial bigwigs like Goldman Sachs and Mastercard for logistics support and payment processing for its Apple Card. Besides, the company has stated that ‘no late fees, no annual fees, no international fees, and no over-limit fees’ will be levied on the user with the Apple Card. The lower interest rates and no penalties for missed payments, with APR in the range of 13.24 to 24.24 percent, will enrapture the fancy of people who are in a financial abyss. However, defaulting on payments will result in additional interest piling towards the user’s balance.

Apple has always proved to be trustworthy when it comes to setting aside the precarious privacy debacle. And Apple promises to keep it going for its Apple Card. It explicitly announced that ‘Goldman Sachs will never sell your data to third parties for marketing and advertising.’ The VP of Apple Pay- Jennifer Bailey added that “Apple doesn’t know what you bought, where you bought it, and how much you paid for it,” which means all the transaction details regarding purchase, transfer and balance will remain confined to the device and will not be offloaded to any server- whether Apple or other.

Devin Smith is a creative person who has been writing blogs and articles about cybersecurity. Devin writes about the latest updates regarding and how it can improve the work experience of users. Devin’s articles have been published in many popular e-magazines, blogs and websites.

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