Apple introduces new credit card

RetailME Bureau

Apple has announced Apple Card, an innovative, new kind of credit card created to help customers lead a healthier financial life. Apple Card is built into the Apple Wallet app on iPhone, offering customers a familiar experience with Apple Pay and the ability to manage their card right on iPhone.

The Apple Card will first launch in the US this summer, Apple Card offers a compelling rewards programme with Daily Cash, which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day.

Customers can sign up for Apple Card in the Wallet app on their iPhone in minutes and start using it with Apple Pay in stores, apps or online worldwide. Apple has also designed a titanium Apple Card for shopping at locations where Apple Pay is not accepted yet.

Apple is partnering with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network. What’s more, there are no fees associated with Apple Card – no annual, late, international or over-the-limit fees.

Further, in order to offer users better understanding of their spending habits, Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations. Purchases are automatically totalled and organised by colour-coded categories.

“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “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.”

In addition, Apple has also announced the launch of Apple TV+, which feature exclusive original shows, movies and documentaries; and Apple News+, a new subscription service that brings together over 300 magazines, newspapers and digital publishers into a beautiful, convenient and curated experience within the Apple News app.