Everything You Need To Know About The New Apple Card

Banks Editorial Team · September 9, 2019

The new Apple Card is simple, secure and revolutionizing the credit card industry. Apple is famous for bringing the world forward in exciting and innovative ways.

 

 

What is the Apple Card?

As is standard with so many Apple products, the idea of simplicity and functionality come together to make customer’s financial lives easier. As part of the Apple Wallet on iPhone, the Apple Card works in a way that is very familiar to those that have been using Apple Pay. Because the card is integrated through the app, every aspect of customer account management is virtual and part of the iPhone. All of the parts of having a credit card that are unappealing such as the application phase, high interest, annual fees, and questionable security are made much easier with the Apple Card. According to a press release through Apple, rewards based upon spending are calculated each day and added to an Apple Cash card for each customer. The card comes with tools that empower customers to make more informed choices regarding their spending. All of this is integrated with the Apple Pay system on the iPhone to give Apple users a completely streamlined system. What used to take days of waiting for approval is now as simple as signing-up through the Apple Wallet app on their iPhone and using it to make purchases in a matter of minutes using Apple Pay.

Financial Partnerships

Apple has teamed up with some big names in the world of finance to make the Apple Card a reality. They have partnered with Mastercard and Goldman Sachs to provide stable banking through a world-class financial institution, and payment processing for Apple Card customers. These corporations are committed to preserving data security at all cost. You won’t have to worry about having your data sold to third party marketing companies with the Apple Card. With the power of Mastercard, customers will be able to use their Apple Card anywhere in the world that accepts Mastercard.

Benefits Over Other Cards

Unlike subprime credit card companies, there are a number of benefits to using the Apple Card over other traditional cards. Some of these benefits include:

  • Real-time tracking of transactions
  • Unlimited customer support via text messaging 24 hours a day
  • A higher level of security
  • Instantly categorizes purchases to assist with budgeting
  • Apple Cash card gives you a daily percentage of your spending back on a separate card
  • Lower interest with no fees

A Card for all Occasions

There are still a number of places that don’t accept Apple Pay. Apple has thought of everything. Once you have been approved for your Apple Card, you can order a physical titanium card that can be used like any other credit card. Purchases made using the titanium card also earn cash to your Apple Cash card at a rate of one percent back. The titanium card is even more secure than other cards though because it has no card number, expiration date, or security code. It looks very modern and gives you the peace of knowing that you can use your Apple Card anywhere regardless of if they accept Apple Pay or not.

 

 

Apple Cash Card Benefits

There are a lot of “cash back” rewards offered by credit card providers. The Daily Cash benefit through the Apple Card is something different. You don’t have to wait to the end of the month to see your cash back rewards with the Apple Card. You will have money added to your Apple Cash card each day. It can be used immediately upon being added to your Daily Cash balance. While you get one percent on purchases added to your Apple Cash card for any purchases made using your titanium card, you will get two percent of purchases made through Apple Pay to your Daily Cash balance. If you are purchasing directly from Apple as the vendor, you will receive three percent of the purchase toward your Daily Cash balance.

Built-in Financial Analysis

Apple has integrated its other systems into the Apple Card to give customers real-time access to their spending. It will categorize transactions so that the cardholder will be able to quickly see just how much is being spent in each category. This helps them to know how to budget better and make smarter financial decisions. Customers will be provided with summaries of this data each week and a report showing a monthly summary as well.

Safe and Secure

Apple Card has the latest security features that are both innovative and effective. Your card number is unique and created right on your iPhone for added protection. One of the more innovative security features is that purchases are only authorized through either touch or face identification. Apple also doesn’t get any information about the details of your purchase. It is private and very secure to give users peace of mind.

 

 

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