Apple’s New Credit Card Is As Sleek As You’d Expect
Image Source: Apple via Fortune
It was only a matter of time — Apple is continuing their reign of Silicon Valley with the introduction of its very own, sleek as hell credit card called… the Apple Card. Apple fanatics have been eagerly awaiting its arrival since it was announced by CEO Tim Cook at an Apple event in March.
The Apple Card is digital, living in the Wallet app of the iPhone (though you can opt to order a sleek titanium card for times when you may not have your phone). You can easily apply for it through the Wallet app, and it supposedly takes seconds to be approved. The card, issued by Goldman Sachs, comes with some serious perks: no fees of any kind, up to 3% cash back on purchases, and increased security (the physical card does not have a number or security code, and purchases on your phone are verified by Face or Touch ID). The unlimited cash back rewards, called Daily Cash, appear within a day as a Cash card that you can use in stores, online or to pay down your balance. The interest rate on the card ranges from 13.24% to 24.24% and you get a credit limit, like any other credit card. Need to talk to customer service? Just text — no long wait times and dreaded hold music.
The coolest feature, IMHO, is that that, according to Digital Trends, the card “uses machine learning and Apple Maps to change the transaction names on the credit card statement to ones you’ll recognize, so it’s not just arbitrary business names that don’t mean anything to you.” Similar to a budgeting app like Mint, it categorizes your spending and creates visually-appealing reports, so you can see exactly how much you are spending and on what.
For those who are phone-savvy and make a lot of purchases with Apple — including iTunes and other subscriptions — the Apple Card seems worthwhile. And if Apple gets its way, the future looks to be wallet-free!
Posted by Erin D.