The Apple Card, Apple’s new credit card is finally here. The card is designed to work with the iPhone, where users can sign up for the card and can start using it immediately if approved via the Apple Wallet app and Apple Pay system.
Announced back in March, the Apple Card is ready for its debut, at least for some iPhone users, with broader availability expected for later this month. Apple Card is getting its first group of public test users today. A limited amount of customers that signed up for the service are to be notified about the release of Apple Card. It will provide them with a channel to apply for the card in their Wallet app.
Created in partnership with Goldman Sachs and Mastercard, the Apple Card sees Apple Inc. expand into the world of finance, promising no annual fees, late fees or over-the-limit fees. Sign-up and management of the card are handled through the iPhone’s Wallet app on iOS 12.4, which is also where interested users can apply for the card. If approved, the digital card can be added to the app immediately to begin using it right away. It will be initially available in the US, with other markets to get it down the line.
Once selected for the registration process, information including address, birthday, income level, and the last four Social Security Number digits has to be entered in the form. The data is shared with Goldman Sachs, which will approve or decline the application in real-time, in less than one minute.
In addition to removing a number of fees, Apple’s cashback card will offer up to 3% cashback on purchases made directly from Apple (including digital purchases and subscriptions), and 2% cashback on any purchase made using Apple Pay.
The customers can also opt for a physical card, which they’ll have to request (free of charge) during the registration process. The physical titanium card itself is designed to be used in places where Apple Pay isn’t accepted. It follows Apple’s traditional minimalist design, with the front displaying your name, an Apple logo and the standard EMV chip and the back showing the Goldman and Mastercard logos. You can use the card without your phone nearby like any other card, but it doesn’t support contactless payments. It also supports Apple Watch Interface. You get 1% cashback on purchases made with the physical titanium card. Having the physical card will allow you to make payments without your phone nearby.
The Apple Card interface in the Wallet app is extremely nice and possesses many marquee Apple associated features. It will help you track your spending, with different colour categories which will reflect in the actual look of your digital Apple card. It uses machine learning to clean up merchant names and categorize your spending over time. You can set payment schedules in a variety of ways, play with a circular slider to see exactly how much interest you’ll be charged, and see how much you’re spending weekly and monthly.
The Apple Card is another attempt from the tech giant to enter a new sector and capitalise on the existing mass customer base. However, we’ll have tom wait and see how the experience of the Apple Card matches up with the high expectations of Apple customers.