Apple Launches Credit Card for their customers
Apple revealed “a new type of credit card designed to help consumers in leading a healthier financial life”.
This credit card will be accessible to iPhone users only in combination with Apple Pay, digital wallet service and the mobile payment of the company.
Apple card is supposed to be primarily used as a virtual credit card. Consumers can sign up for it with the help of the Wallet app on the iPhone and use it in hours with the help of Apple Pay. Users can get the titanium version to put in the real wallets. A metal version has no personal information embossed or printed on the card beyond the name of the holder.
With any of the credit card, details are in the terms of the total agreement of cardholder that is not been launched by Apple. But on the basis of the information, the card provides the exclusive characteristics appearing to be innovative.
Rewards of Cash-Back
Customers will get the rewards of cashback of around 3 percent on the purchases of Apple products prepared with the card and about 2% on other purchases. The most unique thing is that the customer will get rewards daily. Instead of waiting until the bill is paid and see them displayed on the statement. Even on the small purchase which may be just of penny or two, where Apple claims that consumers can put the “Daily Cash” money towards the balance of Apple Card or then transfer it to family and friends in iPhone Messages.
Many of the other cards are providing huge rewards for cash-back. But on using the metal version of the Apple Card, the rewards will be just 1% of the purchases.
Chief Industry Analyst at CompareCards, Matt Schulz commented that “The simple truth is that this card’s rewards aren’t particularly compelling and aren’t anything that we haven’t seen before”.
Less Interest Assurance, No Fees
Additionally, Apple card contains no annual fees. On considering the analysis by WalletHub, Apple Card does not charge the fees if the consumer is out of the limit of credit card or being late in paying.
Report of the Consumers Senior Staff Attorney, Christina Tetreault, concentrating on the financial payment of consumer records that several bank credit cards are having no annual or enrollment fees.
Tetreault commented that deprived of having the agreement of cards that put down the detailed terms of cards. “It remains to be seen exactly what ‘no fees’ really means”.
Features of managing money
An application that helps the Apple card will provide several features helping to manage the debt/money of the customer. It will sort out all the purchases and display to customers how much is been spent on the purchases.
It is commented by Apple that card is showing various payment options accordingly. And analyzes the cost of interest on various payment amounts in real time”. The card will instruct on paying a bit monthly for decreasing the interest costs. It provides the capability to reimburse continuously in a month.
Safety and Confidentiality
Apple claims that the exclusive credit card number is generated on the iPhone and deposited in the security chip. This security chip is known as the Secure Element used by Apple Pay. Apple Company claims that “Every purchase is secure because it is authorized with Face ID or Touch ID. Also, secure with a one-time unique dynamic security code”. “The unique security and privacy architecture created for Apple Card means Apple doesn’t know about the transaction information. Information such as where a customer shopped, what they bought, or how much they paid.”