Apple introduces the Apple Card

Apple has announced Apple Card, a new kind of credit card created by the tech giant and designed to help customers lead a healthier financial life, according to Jennifer Bailey, vice president of Apple Pay. 
Coming this summer, it will be built into the Apple Wallet app on the iPhone, allowing customers to manage their card right on the smartphone. Bailey says the Apple Card transforms the entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security. It also offers a clearer and more compelling rewards program than other credit cards with Daily Cash, which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day, he adds. 
When it arrives, customers will be able to sign up for the Apple Card in the Wallet app on their iPhone in minutes and start using it with Apple Pay right away in stores, in apps or online worldwide. Apple Card gives customers real-time views of their latest transactions and balance right in Wallet, and Apple Card support is available 24/7 by sending a text from Messages.
Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations. Purchases are automatically totaled and organized by color-coded categories such as Food and Drinks, Shopping and Entertainment. To help customers better understand their spending, Apple Card provides weekly and monthly spending summaries.
Customers will receive a percentage of every Apple Card purchase amount back as Daily Cash. Unlike other cash back rewards, Daily Cash is added to customers’ Apple Cash card each day and can be used right away for purchases using Apple Pay, to put toward their Apple Card balance or send to friends and family in Messages. 
Every time customers use Apple Card with Apple Pay, they will receive 2% Daily Cash. Customers will also get 3% Daily Cash on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services.
There are no fees associated with Apple Card: no annual, late, international or over-the-limit fees. Apple Card’s goal is to provide interest rates that are among the lowest in the industry and if a customer misses a payment, they will not be charged a penalty rate, says Bailey.
Apple Card will show a range of payment options and calculates 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.
A unique card number is created on your iPhone for the Apple Card and stored safely in the device’s Secure Element, a special security chip used by Apple Pay. Every purchase is secure because it is authorized with 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 doesn’t know where a customer shopped, what they bought, or how much they paid, Bailey says.
Apple is partnering with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network. As a newcomer to consumer financial services, Goldman Sachs is creating a different credit card experience centered around the customer, which includes never sharing or selling data to third parties for marketing and advertising. Mastercard will provide cardholders the ability to shop at merchants around the globe.
“Simplicity, transparency and privacy are at the core of our consumer product development philosophy,” says David M. Solomon, chairman and CEO of Goldman Sachs. “We’re thrilled to partner with Apple on Apple Card, which helps customers take control of their financial lives.”
“We are excited to be the global payments network for Apple Card, providing customers with fast and secure transactions around the world,” adds Ajay Banga, president and CEO of Mastercard.
Apple has also designed a titanium Apple Card for shopping at locations where Apple Pay is not accepted yet. With no card number, CVV security code, expiration date or signature on the card, Apple Card is more secure than any other physical credit card, Bailey says. All this information is easily accessible in Wallet to use in apps and on websites. For purchases made with the titanium Apple Card, customers will get 1% in Daily Cash.
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