To be available in the US this summer, the new card has no fees and lower interest rates, while offering customers high level of security and privacy. It will also not charge a customer any penalty rate, if a payment is missed.
Unlike points-based reward program, Apple Card offers cash back rewards in the form of Daily Cash, which gives back a percentage of every transaction made using the card.
Customers can sign up for Apple Card in the Wallet app on their iPhone and can start using it with Apple Pay, within few minutes across stores, in apps or online worldwide. The service will provide real-time view of their latest transactions and balance right in the Wallet app.
The company stated that Apple Card will use machine learning and Apple Maps to clearly label transactions with merchant names and locations. Purchases will be totaled automatically and will be organized with color-coded categories such as Food and Drinks, Shopping and Entertainment.
To help customers better understand their spending, the service will provide weekly and monthly spending summaries.
Apple Pay vice president Jennifer Bailey said: “Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone.
“Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.”
The card will offer a range of payment options and will calculate the interest cost on different payment amounts in real time. As a way to pay less interest, Apple Card will also suggest paying a bit more every month and offers the flexibility to schedule more frequent payments.
Apple claims that the card offers high level of security, as it uses a special security chip, used by its Apple Pay. Every purchase is secure as it is authorized by Face ID or Touch ID and a one-time unique dynamic security code.
The unique security and privacy architecture created for Apple Card means Apple does not know where a customer shopped, what they bought or how much they paid, the company stated.
