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Apple has officially announced its all-new Apple Card at its “Show Time” services-based event on Monday. This comes after a previous article in February which reported that both Apple and investment bank Goldman Sachs had been planning to launch a joint credit card.
Aimed to improve features about the credit card experience with simpler applications built into the Apple Wallet app on iPhone, the Cupertino tech giant says that the Apple Card will offer no fees, lower interest rates, better rewards and provide a “new level of privacy and security.”
In other to acquire an Apple Card, users can sign up on their iPhone in the Apple Wallet app and get a digital card that they can use anywhere Apple Pay is accepted. Customers will be able to track purchases, check balances and more right from the app, while Apple Card support is available 24/7 by just sending a text.
Additionally, customers of Apple Card will receive cash-back rewards in the form of “Daily Cash.” The rewards are applied directly back toward your Apple Card to spend or put toward your recent purchases. The company does note that it is offering two percent cash back on purchases made through Apple Pay via the Apple Card, and purchases from Apple will get three percent back. However, purchases made using the physical Apple Card will get just one percent cash back.
The company designed a special titanium Apple Card for locations where Apple Pay is not accepted yet, and it bears no numbers, security code or a signature, making it truly secure compared to other credit cards since the information is accessible via Apple Wallet.
Furthermore, as previously reported, Apple has joined forces with Goldman Sachs for Apple Card, with Mastercard handling payment processing. Availability in the US is slated for this summer.