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Apple Card

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Apple Card
Apple Card within the Wallet app in iOS 12 on an iPhone XS
Apple Card within the Wallet app in iOS 12 on an iPhone XS
LocationUnited States
LaunchedAugust 2019 (Scheduled)
Technology
Operator
Websiteapple.com/apple-card/

Apple Card is a credit card developed by Apple Inc., designed primarily to be used with Apple Pay on Apple devices such as an iPhone or Apple Watch. A preview was released to users who were invited to get Apple Card on August 6, 2019, and is scheduled to launch in the rest of the United States in the first half of August 2019. (Additional cardholders and joint accounts will not be supported at launch.)[1]

Apple Card was announced at an Apple Special Event on March 25, 2019. Unlike previous special events which have historically served as platforms to announce upcoming hardware, this event focused on new internet software and services. Other services announced at the event include Apple TV+, Apple News+, and Apple Arcade.[2][3]

Features

No fees

Apple Card does not include late, cash advance, international, overdraft, or annual credit card fees, except for applicable interest charges when carrying a balance, and any interchange fees, which are charged to the vendor.[4]

Instant issuance

Users apply for Apple Card directly from within the Wallet app. If the user's application is approved, their digital Apple Card is made available for use across all of their devices instantly. Users also have the option to order a physical card for use at locations that don't accept contactless payments.

As well as the digital card used to make contactless payments, users receive a 16-digit virtual card number which can be used on websites and in apps that don't accept Apple Pay. For convenience, the details of this virtual card are made available in the user's iCloud Keychain so they can be auto-filled into online forms, rather than having to be typed in by hand. In the event that a user suspects their virtual card number has been used on a website that has been compromised, they can generate a new virtual card number from the Wallet app, invalidating the old one.[5]

Daily Cash

The card features a cash-back reward program known as Daily Cash – the key differentiator being that cash-back is available daily, rather than at the end of each statement period.

Daily Cash uses a 3–2–1 model for rewards:[6]

  • 3% for purchases from Apple (whether physical goods from Apple Retail Stores, the Apple Online Store, or the Apple Store App, or digital purchases from Apple's media stores, and subscriptions to Apple's various internet services).
  • 2% for purchases made using Apple Pay at any other merchants, including apps and websites.
  • 1% for purchases made using the physical card.

Daily Cash is deposited into a user's Apple Cash card inside Apple Wallet, which can then be used to send money via iMessage, pay part or all of the card's balance, spend at retailers/in apps that accept Apple Pay, or be transferred to a bank account via wire transfer.[7]

Financial wellbeing

One of the core tenets of Apple Card is to provide users with easy-to-understand information on their spending[8], with transactions being collated and color-coded according to category (for example food and drinks, entertainment, travel, etc.). The face of the digital card in the Wallet app changes color according to the amount spent at various categories of merchant, with the colors corresponding to each merchant's category in Apple Maps.[9]

Apple Maps is also used to provide more detailed transaction information than can be shown on a traditional credit card statement – when viewing individual transactions, users are presented with a precise map location for the merchant, along with additional information such as their logo, website and contact details (where available).[10]

Users can view their historical spend with weekly and monthly activity summaries, and receive intelligent recommendations on how best to pay off their balance over time in the form of payment plans, in order to avoid paying unnecessary interest.[11]

Privacy and security

Main article: Apple Pay

A unique card number is created for each device and is stored in the device's secure element, a tamper-resistant security chip used by Apple Pay to handle transactions and on-device cryptographic functions. Every transaction uses its own one-time "dynamic security code", and is authorized with Face ID or Touch ID.[12]

As with Apple Cash, transaction history for Apple Card is stored on—and synced across—devices using CloudKit, and encrypted such that only the authorized account holder can view it.[13] As an additional security and privacy measure, two-factor authentication must be enabled on the user's iCloud account in order to apply for Apple Card.[1]

Titanium card

Apple has designed a titanium Apple Card for shopping at locations where Apple Pay contactless payment is not accepted yet.[14] The card has no card number, CVV security code, expiration date, or signature printed on the card.[14]A simple card, only name is included.

On delivery, users can activate the physical card by tapping their phone against an NFC tag concealed within the card's packaging.[15]

Partnerships

For Apple Card's initial U.S. launch, Goldman Sachs takes the role of the issuing bank, with Mastercard serving as the payment network.[16]

References

  1. ^ a b Panzarino, Matthew (March 28, 2019). "How Apple Card works". TechCrunch. Retrieved April 8, 2019.
  2. ^ Arkin, Daniel (March 25, 2019). "Apple event: TV, news and video game services signal new direction for iPhone maker". NBC News. Retrieved March 26, 2019.
  3. ^ Kleinman, Zoe (March 25, 2019). "Apple debuts own credit card and TV shows". BBC News. Retrieved March 25, 2019.
  4. ^ Son, Hugh (March 25, 2019). "Apple unveils new credit-card: the Apple Card". CNBC. Retrieved March 25, 2019.
  5. ^ "Apple Card". Apple. Retrieved July 18, 2019.
  6. ^ "Introducing Apple Card, a new kind of credit card created by Apple". Apple Newsroom. Retrieved July 18, 2019.
  7. ^ McCann, John (March 25, 2019). "Apple Card launches as a new type of credit card on your iPhone". TechRadar. Retrieved March 25, 2019.
  8. ^ "Introducing Apple Card, a new kind of credit card created by Apple". Apple Newsroom. Retrieved July 18, 2019.
  9. ^ "Apple Card - How It Works". Apple. Retrieved July 18, 2019.
  10. ^ "Apple Card - How It Works". Apple. Retrieved July 18, 2019.
  11. ^ "Apple Card - How It Works". Apple. Retrieved July 18, 2019.
  12. ^ Matsakis, Louise (March 25, 2019). "Apple Enters the Credit Card Market With—Yep—Apple Card". Wired. Retrieved March 26, 2019.
  13. ^ Detrixhe, John (March 25, 2019). "The most original thing about Apple's credit card isn't its app, fees, or laser-etched titanium". Quartz. Retrieved March 26, 2019. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  14. ^ a b "Introducing Apple Card, a new kind of credit card created by Apple". Apple Newsroom. March 25, 2019. Retrieved March 26, 2019. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  15. ^ Rambo, Guilherme (March 27, 2019). "Here's how the physical Apple Card will be activated on iOS [U]". 9to5Mac. Retrieved July 18, 2019.
  16. ^ Griffin, Andrew (March 25, 2019). "Apple just released a stunning new credit card". The Independent. Retrieved March 25, 2019.
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