30 March, 2019
Five years after its ballyhooed debut, Apple Pay is still struggling to take off. Apple Inc is betting its swanky new credit card can change that. USA banks like Capital One are also already starting to experiment with limited-use card numbers, assigned to retailers as needed.
Consumers lament that it can be hard to tell which merchants accept mobile payments and store clerks might be unable to help complete a transaction. But it comes with a big asterisk, because you must use Apple Pay to get elevated rates. The card, launched in partnership with Mastercard and Goldman Sachs, and targeted mainly to iPhone users, will be launched this summer.
According to the American tech giant, there are no fees associated with Apple Card: no annual, late, global or over-the-limit fees. Purchases will be authenticated through Touch ID or Face ID. But this is its own card with its own security features, financial tools, and cash-back rewards-which are delivered daily. Though Apple won't charge an annual membership fee, it will, however, charge fees for some specific transactions made via Apple Pay Cash service. According to the report, Apple will likely put users at the low end of their respective rate tier. Every Apple Card is uniquely attached to your distinctive iPhone.
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Apple Card breaks down your spending habits like a budgeting app would. The card will charge no worldwide fees. It includes a benefit plan where the user gets a 2% cash back when he/she uses Apple Pay and around 3% on any purchase conducted through the App Store or iTunes.
The physical card has no CVV (card verification value), expiry date or signature. This information is available on Wallet, however. Unlike Apple News+, it's available on a wide variety of devices - including Android.
Apple Card doesn't help some customers or shared cards, that means playing cards are, not less than at launch, designed for use by exclusively one individual.
Bailey said Apple Card will give people more insights into their finances. Apple Arcade games will be great for families, respect user privacy and will not have ads or require any additional purchases.