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No multi-user support, no penalties, foreign business, more




While Apple News + and Apple TV + are at the center of Monday's "It & # 39; Apple's first foray into the credit industry – Apple Card – stole the show. Apple has painted the product in broad strokes on the stage and in his promotional material, but with a lack of details remain questions about the upcoming service.

  Apple Card

TechCrunch's Matthew Panzarino answered a few questions and provided additional information on the details of the Apple Card in a report on Thursday. For example, the Apple Card does not support multiple users or shared cards. This means that cards are only intended for one person at least at the start. While no transaction fee is charged for foreign purchases, Mastercard determines the exchange rate.

Apple said the Apple Card offered "lower rates" – specifically variable APRs between 13.24 and 24.24 percent – based on the credit history, but failed to indicate how customers would fall into the interest rate spectrum. According to Panzarino, Apple will place users at the lower end of their respective tariff level, which means users can save some points.

As promised by Apple, Apple Card has no fees or penalties. This includes penalties for late payment of a balance. It should be noted that although Apple and Goldman Sachs do not charge any fees or fees for late payments, this does have a negative impact on the creditworthiness of a user.

Security is obviously a main selling point. For this purpose, Apple offers a number of features and functions that are unique to its platform. The card itself lacks markings, including card number or conventional CVV. As you might expect, the physical card contains a number in its magnetic stripe, but users do not have access to that information. Instead, the corresponding virtual card in the Wallet app displays only the last four digits of a user's personal account number.

When you make purchases that require a card number, the app generates a virtual number and a CVV. This process can be repeated manually if a user chooses.

In addition, Goldman Sachs is not permitted to use customer data for external or internal promotional purposes, although the bank requires some of this information for internal reporting.

Finally, the physical card is activated by an apparently NFC tag enabled iPhone. However, this does not mean that a physical Apple Card is compatible with non-contact payment systems. The Titan card has a typical chip and magnetic strip. Users who relocate their card can request a replacement for free.

The Apple card is expected to debut this summer in the US. An international start follows.


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