Apple enters financial services market with privacy-first credit card

Jermaine Castillo
March 30, 2019

For anyone wondering how exactly they are going to pay for these three new services, Apple had a surprising answer: The Apple Card, an own-brand credit card tied in to an iOS-exclusive app and created in partnership with Goldman Sachs and Mastercard. Users can use it anywhere in the world, at any store or online.

When customers use the card they get 2 percent cash back on all purchases and 3 percent when purchasing an Apple product or service.

Keep this in mind when considering the card. By moving these crucial details into the digital wallet, Apple hopes to improve security should a user lose their card.

The biggest one will probably be the fact that you get a two per cent cash back on anything you buy, immediately. No problem. The highlight of the revamped app is Apple's Channels feature, which the company teased during their Monday event. The card offers better security features that could reduce credit card fraud.

Now, let's talk about the reasons that could discourage users from applying for Apple's credit card.

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On Amazon, the price of the iPhone XR dropped from £799.00 to no less than £798.99, which means you save no more, no less than £0.01.

To use Apple Pay, you must have an iPhone model that can support it (typically iPhone 6 or later).

It can be used right away for purchases using Apple Pay. Many cards offer up to 5% cash back on things like dining and entertainment, groceries, or gas.

Note: If you have already installed the beta profile, you can go with OTA update. The company says it won't track purchases, including what and where you purchased them. It's more that Apple Card, thus far, is having an underwhelming impact on both the financial and tech markets.

It's the subscription side to Apple News, which the company claims is now the number one news app in the U.S. and UK.

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While not a major dealbreaker, it's a drawback if you tend to share accounts with a spouse or other family members.

Apple has confirmed that the Apple Card will launch in the United States this summer, with no word yet as to global availability, while more information on pricing and availability on Apple TV+ and Apple Arcade is due in the autumn. That's it. All the identifying information on your card is kept private and secure from merchants, but also from Apple.

Apple Card breaks down your spending habits like a budgeting app would. Users can view their Apple Card balance or send to friends and family in Messages.

Apple's upcoming credit card is promising low interest rates, no fees, and daily rewards, but its competition is still plenty fierce. There are no membership fees, foreign transaction fees, or late fees.

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