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At Apple’s event on Tuesday announced a new apple card for iphone users with a promise to improve things about the credit card experience with simpler applications, no fees, lower interest rates, and better rewards.
During the event Apple Pay President Jennifer Bailey said “There will be both an iPhone and a physical version of the card. The credit card will have no late fees, annual fees or international fees and there will a cashback incentive on every purchase.”
To get an Apple Card, users had to sign up on their iPhone in the Apple Wallet app and get a digital card that they can use anywhere Apple Pay is accepted “within minutes.” Customers will also be able to track purchases, check balances, and see when their bill is due right from the app.
There will be a physical titanium card, too, but there’s no credit card number, CVV, expiration date, or signature. All of that authorization information is stored directly in the Apple Wallet app.
However, Apple Card is basically a virtual credit card that can be integrated into the Apple Wallet app on your Apple iPhone and can be the default payment method when you use Apple Pay to make payments for purchases made in brick-and-mortar stores, online stores and even in apps.
The idea is to replace your traditional credit card, and the biggest beneficiary could be the additional security it could potentially provide. The Apple Card details will be stored in your iPhone’s Secure Element, a special security chip used by Apple Pay.
Every transaction is authorized with the user’s Face ID or Touch ID authentication, and a one-time unique dynamic security code. Apple says that they also don’t have access to any data about what you have shopped for, where and for how much. This means you will not be tracked by third parties as well for any online purchases.
Apple also says that it’ll use machine learning and Apple Maps to label stores that you use in the app, and use that data to track purchases across categories like “food and drink” or “shopping.”
As rumored, Apple to be partnered with Goldman Sachs for Apple Card, with Master card handling payment processing. Additionally, the company is promising that there will be “no late fees, no annual fees, no international fees, and no over-limit fees” with the Apple Card and “lower interest rates” with no penalties for missing payments, with APR rates ranging from 13.24 percent to 24.24 percent based on credit.
Reportedly, Jennifer Bailey, VP of Apple Pay also said: “Like many of Apple’s products, privacy is a big push here Apple doesn’t know what you bought, where you bought it, and how much you paid for it.”
“All of the spending tracking and other information is stored directly on the device, not Apple’s servers. The company also promises that “Goldman Sachs will never sell your data to third parties for marketing and advertising ” she added.