On Monday, March 25, Apple hosted a keynote stream in the Steve Jobs Theater in Cupertino, Calif., where Jennifer Bailey, vice president of Apple Pay, announced the details of Apple Card, a new credit card designed for the iPhone. Per Apple's event, the card — which is expected to drop in the U.S. this summer — lives within the Wallet app, where users can sign up for it and be issued a virtual card within minutes. But more noteworthy is the lack of fees, lower interest rates, rewards, and privacy features that the Apple Card will offer.
The Apple Card won't charge users any fees — "no annual, late, international or over-the-limit fees," per Apple. It also offers users alternatives to help pay lower interest rates, "show[ing] a range of payment options and calculates the interest cost on different payment amounts in real time," and making suggestions each month for how to schedule payments for better flexibility.
The rewards move much quicker than a typical credit card, too, using "Daily Cash." Through this program, the Apple Card will give back two percent on your purchases each day, and three percent on all purchases made directly from Apple. These rewards can be used immediately, either by you through your Apple Card, or sent to friends and family within Messages.
Apple highlights the security features of the card as well, explaining that purchases are all authorized by Touch ID, Face ID, or a one-time unique dynamic security code; additionally, per Apple, the "unique security and privacy architecture created for Apple Card means Apple doesn’t know where a customer shopped, what they bought or how much they paid."
The card also comes in physical form, made of titanium with your name laser-etched on the front. The card has no number, no expiration, no CVV, and no signature on it, all of which are stored in the Wallet app to enhance privacy and security. Users will get one percent back on all purchases made with the physical card.
In addition to all of this, the app will perform Mint-like functions, helping users track their spending by color-coding it; it will also use machine-learning to identify the places where you've shopped, and display them in an easy-to-track manner.
“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Vice President of Apple Pay Jennifer Bailey said in a press release. “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 Apple Card can be used internationally wherever Apple Pay is accepted, and will be available to qualified U.S. customers this summer. You can learn more about the Apple Card and stay up-to-date with the latest on it on Apple's website here.
