Apple Launches a Titanium Credit Card With Zero Fees

Ann Santiago
March 26, 2019

Looking to turn heads in the payments world, Apple will offer cash-back rewards daily to Apple Card customers, a change from monthly rewards from most other cards.

At its event, Apple's VP Apple Pay Jennifer Bailey stressed the need to simplify a user's banking experience.

With no annual fee, Apple streamlines the adoption process for its cards. When it comes to Apple Pay, Tim Cook also mentioned on stage that it will be available in more than 40 countries by the end of this year and the acceptance rate has been growing.

The firm unveiled its overhauled Apple Pay system, including a new in-app credit card service called Apple Card, which will launch in partnership with Goldman Sachs. Purchases are automatically totalled and organised by colour-coded categories such as Food and Drinks, Shopping and Entertainment. Every purchase is secure because it is authorized with Face ID® or Touch ID® and a one-time unique dynamic security code.

Ted Rossman, an analyst at CreditCards.com said, "People will sign up for it, but that will be mostly because they love Apple, not because this card is better than anything that already exists". Ideally, you'll be using the physical card as sparingly as possible - only in instances where the retailer you're purchasing items from doesn't accept Apple Pay.

On security and privacy, a unique card number is created on iPhone for Apple Card and stored in the device's Secure Element, a special security chip used by Apple Pay.

The new card will Apple's Wallet app to provide highly detailed information about the users' spending via the card.

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Apple Inc. CEO Tim Cook speaks during a company product launch event
Apple Inc. CEO Tim Cook speaks during a company product launch event

In the US, for instance, 70 percent of merchants accept the mobile payments platform, while in Australia an impressive 99 percent of retailers take advantage of the platform.

Besides the financial considerations of Apple Card, the company is clearly trying to draw users in on customer-friendly accounting and repayment plans.

Apple Card also gives you daily cash rewards instead of points.

To conclude, it's also relevant to note that late or missed interest payments will accumulate on the user's balance.

The Apple Card will be available in the US this summer. The titanium card will have the user's name, and the Apple logo laser etched on it and that's it. The same pledge to not sell your data also applies to Apple's partners, Mastercard and Goldman Sachs.

"This is my first time at Apple, the place where imagination and technology join forces". Even producers of Apple's shows are unsure about numerous details about when and how audiences will be able to see their work.

From Apple's perspective, the company is maneuvering itself to be a payments middleman, adding another layer of its involvement past simply Apple Pay. The rewards go into a cash card that lives in the Wallet app on iOS devices. Other company and product names may be trademarks of their respective owners.


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