Apple announced on March 25th at their Apple Special Event, that Apple Pay has had insane growth this past year. With Apple Pay on track for 10 billion transactions this year, Apple has decided it is time to step it up. This is where the Apple Card comes in! A credit card service from Apple, Goldman Sachs, and Mastercard. Apple’s goal with Apple Pay is to replace the need for a wallet, and they hope Apple Card will be the one to do it. Will this be the next big thing from Apple? Or another case of Apple Maps?
With more than 70% of retailers accepting Apple Pay in the United States, 80% in Canada, and a whopping 99% in Australia; Apple believes it is time for Apple Card. This state-of-the-art card will be stored and functions on your device. This means all your data is safely stored away and your fingerprint or face is required to make any purchases. The card will also feature zero fees of any kind, and the lowest interest rate possible, which are listed in the footnotes of the website page as somewhere between 13.24% to 24.24% based on your credit score.
As for rewards, Apple will be offering what they call “Daily Cash.” This feature will give you 2% back on any purchase you make using your Apple Card; on the day you purchased it. If you are shopping at one of their Apple stores, or even the App Store or iTunes, Apple Card will give you 3% daily cash. What if you are at a place that doesn’t accept Apple Pay? No worries! With their physical titanium laser engraved card, you’ll be able to purchase anywhere! You’ll only be able to get 1% daily cash when purchasing with the physical card, however. The trade-off for this is that the physical card only has your name on it. No card number, no CCV, no anything! Apple hopes to create the safest shopping experience by doing so.
As for other wonderful features, the app for Apple Card will also aid in making sure you pay the lowest amount of interest possible with their new card. From color coating what you are spending your money on to allowing you to make payments biweekly, Apple hopes to create a healthy credit experience. They will also be using their Apple Map service to translate hard to read merchant names into meaningful locations. Apple will also be keeping your data safe, by only storing your purchase history on your device, meaning no data to sell to advertising companies.
With Apple Card becoming available in the summer, this raises the question; will Apple be ready for such a big endeavor? Will Apple Card become the new preferred credit system, or will be a flop at launch like Apple Maps? Until this summer, we’ll have to wait and see. Make sure to keep it locked on Mammoth Gamers for all your Apple news!