Apple unveils new ‘Apple Card’ credit card: no fees, purchase security and Daily Rewards
Tuesday 26 March 2019
Just when you thought tech mogul, Apple, couldn’t possibly trump their own innovative products...they announce their first ever credit card.
Now Aussies, don’t get too excited just yet, the newly revealed Apple Card is so far only set to launch in the US this summer. But with a simple application process, no fees, Daily Cash rewards program and a distinctive approach to privacy and security, we couldn’t help but find out all we could about the card set to cause quite a stir. So tech junkies listen up!
UPDATE 31st July, 2019: Apple has announced that it will be launching its new credit card in August.
After the great success of Apple Pay, mobile apps and online banking, it’s no surprise Apple has designed the card around its existing digital products. The digital and physical credit card’s link to Apple Pay allows users to sign up right from their iPhone in minutes.
Jennifer Bailey, Apple’s vice president of Apple Pay said: “Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone.”
Apple partnered with Goldman Sachs and Mastercard to issue the credit card, and it uses the Mastercard network, so will work anywhere in the world.
We don’t know about you, but if you want to be ahead of the curve, check out below what we know about the Apple Card which Apple anticipates with interest rates that are “among the lowest in the industry.”
Apple Card must-know features:
Daily Cash rewards program:
Stepping up the credit card rewards game, Apple has designed a comprehensive ‘Daily Cash’ program which gives back a percentage of every purchase as cash on your Apple Cash card each day. Every time the Apple Card is used with Apple Pay, you receive 2% Daily Cash. For Apple purchases, you can snag 3% back in Daily Cash.
Apple is ditching all fees typically associated with a credit card, there will be no annual, late, international or over-the-limit fees. However, keep in mind any late or missed payments will result in additional interest accumulating toward the balance.
As the Apple Card is built into the Wallet app, it’ll fork out real-time views of transactions and balance in the Wallet app. Apple claims their mission is to “help customers lead a healthier financial life,” the app uses machine learning and Apple Maps to label transactions with shop names and locations which are then automatically colour-coded and categorised in things like Food and Drinks, Shopping and Entertainment, and more.
Privacy on point:
Apple says the digital Apple Card is more secure than any other credit card. It has a unique card number which is created on the iPhone for Apple Card and then stored in the device’s Secure Element, which is a unique security chip used by Apple Pay. This means every purchase is secure because it goes through Face ID or Touch ID and a one-time unique dynamic security code.
David M. Solomon, chairman and CEO of Goldman Sachs said privacy was one of the important values when partnering with Apple.
“Simplicity, transparency and privacy are at the core of our consumer product development philosophy,” he said.
Will Apple be tracking purchases?
According to Apple, digital sceptics can rest easy. These security measures mean Apple doesn’t know where you shopped, what was bought or how much was paid.
What’s this about a numberless titanium card?
Made of titanium with a laser-etched name and logo and stripped of all traditional credit card numbers like CVV security code, expiration date or signature, the sleek, white Apple Card sets itself apart from all other credit cards. But Apple is encouraging users to rely on the digital Apple Wallet, offering just 1% cash back with the physical card.
When will Australia get the Apple credit card?
While the Apple Card is set to launch in the US this summer, they’ve not yet announced any plans for releasing the card in any other country other than the US. So Aussies stay posted!
If you’re a tech head always looking for the latest innovation and are hooked on the idea of an Apple Card then go check out the Mozo Experts Choice Award winners in Best Banking Technology in 2019. The winning banking apps all come with Apple Pay.
Or if the no fees feature of the Apple credit card caught your eye, then check out some other fee free credit cards available in Australia right now, in the table below.