Will Apple's digital credit card finally make mobile payments ubiquitous? What types of benefits can owners receive? How does it affect your credit when you change the phone? They are full of questions and so are we. Jennifer Bailey, vice president of Apple Pay, led us through Apple Card today at a special event. Here's everything we know about Apple Card so far – including – and what we still need to learn.
What is Apple Card?
Apple Card is a new branded credit card for iPhone ($ 1,000 on Amazon) . It's a digital map that's on your iPhone, with a standard credit card backup that you can use when Apple Pay is unavailable. (It seems everyone will receive this when they sign up.) However, Apple believes that you're mostly using the digital version.
The physical Apple card is made of titanium and has etched your name just for a little drama. This is how you can show yourself by clinking it loudly against a glass.
Where can I use the Apple Card?
You can use the Apple Card in apps, online (such as web stores), and in physical stores around the world where MasterCard is accepted. (For more information on banking, see below.)
How do I sign up for the Apple Card?
The Apple Card appears in the Wallet app on your iPhone, and you log in to your wallet by tapping the Apple card. Apple guides you through the sign up process. We did not see that, but it may take a few minutes. This is after all a credit card.
Which bank supports Apple Card?
Apple partners with Goldman Sachs to issue Apple Card, a Mastercard.
How can Apple Card help me track my finances?
If You Have Been Involved If you've previously used a service like Mint or other financial apps, your finances can give you an idea of Apple's vision.
You can see visuals that clearly show how much you've spent on what, when it's due, and how much you owe. Apple also uses the Maps engine to link a purchase to a business. So it's clear which direction your payment is going to take (these things are usually cryptic, such as "New York LLC" if you're driving a cab.) Apple states that this is the case of machine learning to connect the dots.
You can also see how much you spent so far in a given week or month, and track purchases by category, such as meals and transportation. There is a view that shows how long it takes for you to repay what you owe.
What if I need help using my Apple Card?
Apple says if you're in trouble, you can send text directly from the app.
What are Apple Rewards?
Apple does not opt for a point structure. It gives you money for every dollar you spend through a program called Daily Cash.
How much you get when you buy:
- 1% when using the Titan Titanium Card (physical card)
- 2% when using the Apple Card (digital) with every purchase
3% at Using the Apple Card (Digital) for purchases made directly from Apple
Your daily income is unlimited as long as you are below your credit limit. For example, if your spend does not exceed $ 3,000, your income may not be enough. You can track your Daily Cash through a card in your Wallet app.
Is Daily Cash Real Money? Where can I spend it?
Yes, this is real money that you can use right away. You can shop in stores, send them to friends, use them in apps or the Internet, or withdraw your funds.
How can you pay interest and fees?
With the Apple Card you can pay more than once a month. For example, you can pay every week or every other week. It is not clear if you can pay daily if you want or if there is a bigger structure.
There are no late fees, annual fees, international fees or fees to exceed your limit.
What happens if I miss a payment?
Apple does not punish you for your missed payment (eg, it does not cost you $ 25 in addition to what you already owe). However, you will get more interest on your existing balance..
Is the Apple Card safe?
Apple has identified four main paths to keeping Apple Card secure.
- The card number : Apple creates a unique card number for each device that is stored in the security element, a security chip on your iPhone. You will receive a unique dynamic security code with each purchase and will authenticate each purchase biometrically via the Touch-ID or the Face-ID. Even if someone steals your phone, Apple says it can not use your Apple Card.
- Device, not Cloud : Apple is not tracking what you've bought, where and how much you've spent. All tracking is done on the device instead of on Apple servers.
- Your data is not for sale : "Goldman Sachs will never share or sell your information for marketing or promotional purposes," said Apple's Bailey.
- An almost empty physical card : If you use the physical Apple Card, you will find your name on it, but there is no card number, no CVV, no expiration date, and no signature. If you need the details, you can find them in the Wallet app. This is presumably so that others can not steal these important details for security fraud either by a glance or the entire map.
If I lose my physical Apple Card, can I order a new one?
Yes. If your card is lost or stolen, you can use the Wallet app to freeze your card and order a new one.
Does it work with my iPad and Apple Watch?
Yes, Apple says the Apple Card works on all your iOS devices. We have to confirm that it works with MacOS as well as with iPhone, iPad and Apple Watch.
What's next with the Apple Card?
There are many details we do not know yet The exact start, any hidden fees, how the Apple Card affects people with low or no credit, and when exactly the card is launched. Undoubtedly, Apple will share more in the coming months. Until then, we can only hope for more delicacies.
Article published on March 25 at 12:01. PT
Update, 15:57 : More details added.