Apple has recently featured its latest creation- ‘Apple Card’ at the company’s live presentation in Cupertino, California. The card has been created in association with MasterCard and Goldman Sachs and will be integrated inside the Apple Pay service. It is going to launch in the US during the summer season.
A brief insight into the Apple Card
The card is basically a new credit card but instead of being owned by banks, this product belongs exclusively to Apple. The card will be having a simple layout with just your name printed at the top part along with a security chip and nothing on the back. There will be no 16 digit card number, date of expiry or CVV number which you generally have in traditional debit and credit cards.
As a result, the security of the card is very high and the minimum details on the card make it less susceptible to fraudulent transactions. The card will be integrated into the Apple Pay platform for instant payment and will also give you cash back for each transaction.
How Apple Card Works
- You need to sign up in your Apple Pay services to use the card.
- Whatever transactions you make with the card, gets a dedicated color for each category like Entertainment, Shopping, Food and Drinks with the total amount spent for each.
- For each transaction, Apple will send one time “dynamic security code” just like “OTP” sent by banks.
- The dynamic Apple Card does not require users to enter their card number and other details to the online platform for the transactions and hence gives you full security from online frauds.
Features of Apple Card
A) Summary Report
The card provides a monthly and weekly summary report of all expenditures made through the card. It is going to help user track down where they are spending most of their money and also frame the strategy required for financial savings accordingly.
B) Cask back
The card provides 3% cash back to users for purchasing any products or services from Apple stores like apple.com, App Store, iTunes, and cloud. For any other kind of online transactions made through Apple Pay, the card provides 2% cash back for each one and for the transaction that does not support Apple Pay, but made through the apple card, 1% cash back is provided for each purchase.
Apple card works in integration with Apple Maps that helps you track the source of the transaction. The maps give you the exact name of the store with the location from where the transaction has been made.
D) One Stop Solution
You don’t need to visit separate websites to tracks the total transactions made by you. Be it food or drinks, movies, shopping, entertainment, hotels, travel anything, the card displays separate categories for each one to give you a detailed analysis report of your expenses.
E) Saves from High interest
In credit cards, when you are unable to play the full amount in due time, high-interest rates keeps on adding handing you a large credit card bill. Apple card provides you an interest estimate calculator for each of your leftover balance and allows you to make a smart decision to save from high-interest rates. It also suggests you with the balance to pay once for an all at zero interest rate.
F) Perfect payment schedules
Unlike the traditional credit cards which have due dates anytime, in Apple Card the due date is always the last day of the month. Hence it helps you make better financial decisions weekly and also pay the due amount in time. It also sends you a reminder about the due date.
Apple Card is one of the finest innovative creation by Apple with so many user-centric features. It is definitely going to give huge profits to the company by becoming the customer’s upcoming financial choice and is also going to face a tough competition with Amazon Visa card, Square, and Venmo.
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