Apple, the tech giant from Cupertino, has started the rollout of its Apple card, albeit with some restrictions through invitation only. Tim Cook, the CEO, had said that Apple’s own credit card would be introduced in August. Finally, this credit card has started to roll out with invites being sent through email to select few who had signed up to be notified whenever this credit card becomes a reality. Apple has not disclosed how many people will be given this facility of a credit card under this preview. A public launch of Apple Card is expected to be announced later.
MasterCard and Goldman Sachs have partnered with Apple in this venture into the financial world. Customers will not be required to pay any kind of fee for availing this credit card including annual fee and late fee. Apple has given the responsibility of singing up and management of this card to its Wallet app. This app can also be used by customers to apply for this credit card. Customers will need to enter their date of birth, address, income level, and social security number (last 4 digits only) to get this credit card through Wallet app. This information is relayed to Goldman Sachs that decides whether your application is accepted or rejected. This approval takes less than a minute according to Apple as it is carried out in real time. Apple support allows the user to start carrying out digital transactions once his application for credit card is approved.
One of the benefits of using Apple Card is that it offers up to 3% cash back on purchases made from Apple. Customers would also get 2% cash back for all purchases that will be made using Apple Pay. Customers can also avail a physical Apple Card that will bring in 1% cash back on their purchases. This titanium card will give customers the ability to use it in stores where Apple Pay is not accepted. Customers will not have to wait for this cash back as it will be reimbursed on a daily basis in their accounts under a feature called Daily Cash.
Customers would be able to get all information about their Apple card on iPhone’s Wallet App. All you will be asked is your 16 digit credit card number to get this information. Those who feel the need for a physical card will be happy to see the Apple logo along with the logos of MasterCard and Goldman Sachs on their titanium card. Apple support for the card is provided through Wallet app and customers can get any information they want regarding their balance or expenditure. Additional support for customers will come from iMessage.
If in case a customer loses his card because of theft or misplacement, he can simply log in to his iCloud account and give orders for freezing payment through his credit card. However, he will also be required to call Goldman Sachs to get a new card and a new digital number to continue using the service. Interestingly, the customer will not be charged any fee for this new card by Apple.
