Apple Card could kickstart the move of credit cards onto smartphones


The product was announced during Apple's services event on Monday and is slated to launch sometime this summer. Apple is aiming to make the entire act of obtaining and using credit easier, starting with the application process.

Apple's announcement comes about four years after the company introduced Apple Pay, a service that was pitched as a way to kill off your wallet and physical credit cards, instead letting you pay with your phone. There are no late, annual, worldwide or over-balance fees and Apple says it's committed to giving you a low interest rate with Card. Interest rates will vary from range from 13.24% to 24.24% based on creditworthiness, the company said in a footnote on its web site about the new card.

Naturally, there are financial incentives to use the card. "Plus, as a merchant, they'll save on interchange fees when Apple Card users buy something from Apple. Purchases are automatically totalled and organised by colour-coded categories such as Food and Drinks", said Apple. Each transaction is protected with a "one-time security code" that is generated after authentication through Face ID or Touch ID.

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Apple Card could kickstart the move of credit cards onto smartphones

"We created a unique architecture for Apple Card where Apple doesn't know what you bought, where you bought it or how much you paid for it", said Bailey.

Apple will release a physical titanium card that features no card number, no CVV and no expiry date - though all that information is available on via Apple Pay. By the end 2019, Apple expects to have Apple Pay available in more than 40 countries.

It's not enough that your iPhone stores your credit card information.

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Sony probably saw that there's value in constant, bite-sized updates instead of putting up bombastic presentations once per year. That means Microsoft could change their plans however they see fit, while fans should take all reports with a big pinch of salt.

While there weren't any hints dropped through specific or generic language in these job openings, especially with the partnerships Apple now has with Goldman Sachs and Mastercard, this increase definitely could have raised some eyebrows alongside leaks and other reports about this new development to Apple Pay. Meanwhile, Goldman has committed to not sharing or selling data to third parties for marketing and advertising.

Apple Card is widely accepted around the world, but not everywhere accepts it, and for places which don't Apple will also offer you a physical card.

It's a refreshing new take on something we accept for granted.

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On the cash back front, users will back two percent of the daily amount in Apple Cash. In its fine print, however, the company notes that "late or missed payments will result in additional interest accumulating toward the customer's balance".

Right around the same time Apple was hiring more people for Apple Pay, Goldman Sachs had a spike in "consumer" banking jobs, specifically those for its Consumer Banking Technology group. Apple's four software platforms - iOS, macOS, watchOS and tvOS - provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay and iCloud.

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