Are you down to buy Apple‘s new credit card?!
At their “show time” services event earlier today, Apple announced that they are releasing an unexpected brand new product: the Apple Card.
They claim their credit card will improve some key things about the entire credit card experience, along with fewer fees, lower interest rates, and simpler legalese when it comes time for customers to use it, manage it, and pay.
Also, no wires. Guaranteed. Ha!
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Interested?! It seems like the Apple Card is all social media can talk about right now… so clearly there’s going to be some type of market out there for it!
Tim Cook announced the specifics today to potential customers and Apple acolytes alike, so here’s what you need to know about the newest credit card on the market if you want to get involved…
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How It Works
Users who want an Apple Card can sign up on their iPhone directly in the Apple Wallet, where they will get a digital card that they can immediately use at any store or with any merchant that accepts Apple Pay. Customers can then use the app to track purchases and points, see when their bill is due (and pay it), and look through rewards and points every month.
The company also plans to use machine learning within the app, in order to help label and store places where you consistently shop, making it easier to come back and support that business again the next time.
There will be a physical card made out of titanium, too, but the card itself won’t have any numbers, a CVV code, an expiration date, or a signature. All of that information is going to remain secure in the Apple Wallet app — so, really, it should be clear they’re pushing hard to get rid of the physical card entirely.
Told you, no wires!
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As for rewards, Apple is NOT doing a points-based rewards system, instead opting to give cash back in the form of what they’re calling Daily Cash. This money is applied straight to the Apple Card, and can be spent or put on paying down past purchases. Purchases made through Apple Pay will get two percent cash back; purchases at Apple will get three percent. Purchases made with the physical card itself will get just one percent cash back (again, they’re REALLY trying to do away with the physical card!!)
Apple’s Partners
Apple isn’t going it alone on this new credit card, of course; as had been rumored the company is partnering with Goldman Sachs for Apple Card. Mastercard will handle payment processing.
The company was able to promise some cool things to customers because of their partnerships with long-standing credit card and businesses: first, the card has “no late fees, no annual fees, no international fees, and no over limit fees.” Whoa!!!
Lower interest rates have Apple promising that the APR rates will range from 13.24% to 24.24% based on each applicant’s credit score. Customers should also note that “late or missed payments will result in additional interest accumulating toward the customer’s balance.” Read the fine print!!!
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But privacy continues to be a focal point for Apple, thankfully, with the company revealing that all the spending tracking and habits monitoring is stored directly on the device, and not on Apple’s servers.
Jennifer Bailey, Apple’s VP of Apple Pay, added more (below):
“Apple doesn’t know what you bought, where you bought it, and how much you paid for it … and Goldman Sachs will never sell your data to third parties for marketing and advertising.”
Wasn’t that supposed to be the case with Facebook too?
Poll: Will You Sign Up??
So you tell us, Perezcious readers!!! Will you sign up for the new Apple Credit Card?? Straight to the point (below):
Interesting results!!!! Reactions??
Social Media’s Reaction
Before YOU decide, ch-ch-check out what Twitter is saying about the brand new product (below):
https://twitter.com/kevinn14_/status/1110325899369439232
Do I need an Apple Credit card? No. Am I going to get one? Yes. #AppleEvent
— edd (@EddHealy) March 25, 2019
Apple Card? A new credit card from Apple.
Yes, you read that right.
— Jon Rettinger (@Jon4Lakers) March 25, 2019
Apple Card: a virtual credit card with a rotating security code, protected by a biometric, like Touch ID or Face ID. The physical credit card won’t even have a credit card number. If someone wants to commit fraud, they need to steal your phone and your face or fingerprint. https://t.co/3h6bb3dYNE
— ???????? Hey, youngins. I’m still not interested. (@HarlemMC) March 25, 2019
*APPLE ANNOUNCES PERSONAL LOANS, MORTGAGES
*APPLE CARD COMES WITH DAILY CASH BACK. 2% IN DAILY CASH: SI
*APPLE ANNOUNCES CREDIT CARDGreat time to do this – 11 years into a credit cycle. Bravo on the timing
— Quoth the Raven (@QTRResearch) March 25, 2019
Apple creating a hardware video for a credit card that is mostly virtual on your phone is the most on-brand thing I've ever seen.
— Ben Thompson (@benthompson) March 25, 2019
Apple in 2017: removes headphone jack from iPhone
Apple in 2019: removes credit card number from credit cards
Apple in 2021: removes Earth from orbit#AppleEvent
— Schubes (@Schubes17) March 25, 2019
If you live in NY/LA and wear AirPods and an Apple Watch while using the Apple credit card, there’s a special feature where you get your ass kicked all the time.
— Jason Stein (@jasonwstein) March 25, 2019
Very insightful!!!
Reactions, Perezcious readers?!
More From The Event
It’s not just a new credit card the world is talking about today… Apple also announced Apple TV+ and some other new developments you might want to know about earlier this afternoon, too!
Ch-ch-check out this quick seven-minute rundown to get completely caught up on what’s new with one of the world’s largest tech companies (below):
Inneresting!!!
What do U think about all these new developments, Perezcious readers?!
Sound OFF in the comments (below)!!!
[Image via YouTube/Apple]
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