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Apple Announces 'Apple Card' Credit Card With Daily Rewards, Simplified Statements, and No Fees

MacRumors

macrumors bot
Original poster
Apr 12, 2001
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Apple today revealed a brand new service called "Apple Card," a new digital and physical credit card that users will be able to sign up for right from their iPhone. Apple says this sign-up process takes just a few minutes and then they can start using the Apple Card right away in stores, in apps, or online worldwide. Apple partnered with Goldman Sachs and Mastercard for Apple Card.


After spending, Apple Card will give users simple real-time views of their latest transactions and balance in the Wallet app. Apple Card uses machine learning and Apple Maps to label transactions with merchant names and locations. Purchases are then automatically totaled and color coded through categories like Food and Drinks, Shopping and Entertainment, and more.

At the end of each week and month, the Wallet app will show what users spent to help visualize their past finances. The company will also provide 24/7 customer support through Messages.

Anyone who uses Apple Card will receive a percentage of every purchase amount back as "Daily Cash," the card's rewards program. Every time users pay with Apple Card they will receive 2 percent Daily Cash back, and if they make a purchase directly with Apple they'll get 3 percent Daily Cash back. Daily Cash is immediately added to the user's Apple Cash card in the Wallet app, and can be used anywhere Apple Pay is accepted.


Apple Card has no fees associated with it, and the company says that "Apple Card's goal is to provide interest rates that are among the lowest in the industry and if a customer misses a payment, they will not be charged a penalty rate."

As with Apple's other services, the company promises that Apple Card is completely secure and private.
A unique card number is created on iPhone for Apple Card and stored safely in the device's Secure Element, a special security chip used by Apple Pay. Every purchase is secure because it is authorized with Face ID or Touch ID and a one-time unique dynamic security code. The unique security and privacy architecture created for Apple Card means Apple doesn't know where a customer shopped, what they bought or how much they paid.
There will also be a physical Apple Card for shopping at locations where Apple Pay is not accepted. The card is made out of titanium, has no card number, no CVV, no expiration date, and requires no signature.

Apple Card launches in the United States this summer.

Article Link: Apple Announces 'Apple Card' Credit Card With Daily Rewards, Simplified Statements, and No Fees
 

macduke

macrumors G4
Jun 27, 2007
11,092
14,961
Central U.S.
I like the responsible approach to this card from a financial, security, and privacy standpoint. I may get one eventually. It's a shame I just put my new iMac on a new Barclay card to take advantage of the 0% for 18 months. I don't want too many inquiries so I can keep my credit score high.
 

darkslide29

macrumors 68000
Oct 5, 2011
1,714
595
San Francisco, California
Here I thought App Store purchases had me locked into Apple's ecosystem. A credit card that only exists in Apple Wallet will really make me feel locked down. Everyone's credit situation is different, but to open a card (with a hard credit pull) only to have to close it when you no longer have an Apple device isn't ideal (the physical card when you can't use Apple Pay is fine, but standalone doesn't seem as worthwhile).

But who am I kidding, I'm posting during the keynote, so I will probably always have an iPhone..
 

moabal

macrumors 6502
Jun 22, 2010
421
1,160
As someone who likes to maximize their cash back rewards, this card does not fit my credit card portfolio.

There are already other cards that pay 2% or more that can be added into Apple Pay. This new card is only for people who want an easy card to understand with minimal fees.
 

AppleMad98004

macrumors 6502
Aug 23, 2011
495
606
Cylde Hill, WA
Here I thought App Store purchases had me locked into Apple's ecosystem. A credit card that only exists in Apple Wallet will really make me feel locked down. Everyone's credit situation is different, but to open a card (with a hard credit pull) only to have to close it when you no longer have an Apple device isn't ideal (the physical card when you can't use Apple Pay as fine, but standalone doesn't seem as worthwhile).

But who am I kidding, I'm posting during the keynote, so I will probably always have an iPhone..


This is exactly why they are doing it. Another reason to stay in Apple's eco-system. Financial services only available to iPhone users.
 

gsurf123

macrumors regular
Jun 1, 2017
224
376
So how do you buy something on a site like Amazon if there is no card number?
You want either the Amazon Store Card or Amazon Visa. Store card gives you 5% back or X months free interest today. Visa give you 5% cash back on everything sold at Amazon. It is real cash too. They will send you a check or you can use it for airline travel and maybe some other stuff. I just take the cash. You get the usual 2% on gas and 1% everywhere else.
 
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