Apple Inc. has taken the world by storm yet again with another innovation, and this time around; it is focused on internet banking with the introduction of Apple Card. From the look of things, this is a disruption to watch out for, so it's best everyone learns all about it in preparedness.
Internet banking will no longer be business as usual as Apple has unveiled its new product, the Apple Card. From the moment this project was announced, the Wallstreet, tech enthusiasts, and stakeholders world-over suddenly had something new to look forward to. The good news is this; Apple Card is finally here, though it can only be accessed by qualified United States citizens for now.
The Partnerships that Birthed Apple Card
The Apple Card is a creation of Apple Inc., designed to be used on the iPhone. With the product, Apple plans to introduce a new and better credit card system.
By partnering with two of the financial industry's big wigs, Goldman Sachs and MasterCard, Apple has successfully created and launched the Apple Card.
MasterCard designed the shape of the Apple Card while Goldman Sachs handles its mechanism, which includes providing personal data privacy for customers and preventing the sale of users' data to third parties.
Features of Apple Card
Apple Card has a lot of excellent features, and we shall focus on the top ones. All purchases made with the card are automatically categorized and stored in one app.
The Apple Wallet will give customers a summary of what they've spent, the location where the transaction occurred, their spending history (all grouped into different categories like food and drinks, shopping, etc.), and interests accumulated on various payments, all in real-time.
Customers also stand to enjoy home rental promotions, special event notifications, travel discounts, and lots more, all compliments of MasterCard.
Apple Inc. is in charge of the design of the physical card, which is made of titanium. The card doesn't come with any security information like CVV security code, expiry date, and signature. If they are needed, the customer will need to access the Apple Wallet to find it. This is done to give the cardholders top-notch security. Only the name of the user and the Apple logo is seen on the card.
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Who Can Use the Apple Card?
The Apple Card is all about privacy and security for users. It comes with the backing of the high-security technologies the Apple Company is known for.
Apple Card is only available to iPhone users. The physical card, on the other hand, is available for everyone, but only those who own the iPhone can sign up for Apple Wallet and enjoy all the benefits that come with it.
Besides, Apple Card only works in countries where Apple Pay is authorized, and that is only about 40 countries.
How to Get Started
Before anyone can use the Apple Card, it must first be ordered. The order can be made online or offline (in paper form). This application only takes a few minutes to process, and feedback is received on approval or rejection.
Once approved, the new customer can start using the card immediately. Obtaining the physical card, on the other hand, is not that fast as it takes a few days to be made ready. So, the customer has to wait a few days to receive it.
How Payment Is Made With Apple Card
For payment to be made, a means of identification is needed from the user in the form of Touch ID or Face ID. Once this is done, the iPhone should be placed next to the Apple Card to complete the payment process. This system adopted for the Apple Card makes it very secure. With the removal of the card number and CVV security code on the physical card, users will be at no risk of being defrauded.
Benefits of Apple Card
Compared to other credit cards, Apple Card's reward program for customers is more attractive. The reward comes in categories:
Customers who make purchases with Apple Card will receive a 1% cashback.
Payments made with Apple Pay attract a 2% cashback.
All purchases made from the Apple Store and other Apple-related services gets a 3% cashback.
Unlike other credit card businesses that transfer rewards to customers at the end of the month, Apple transfers rewards to customers every day on their Apple Cash card.
Apple Card does not deduct annual fees, transaction fees, or late fees. Only the interest on credit card balance is deducted. The company announced that charges will be based on individual credit rating and prime rate and will be from 13.24% to 24.24%.
Apple is one company known for innovation, and once again, it has proved to be an industry leader in the world of technology. Consistently, Apple continues to leave marks in the financial industry, a move that will continue to make financial transactions safer and more rewarding. Apple Card is indeed an excellent product which rewards the loyalty of customers with incentives not found anywhere else.