Apple Launch a Credit Card with no Fees

Apple announced that it would partner with Goldman Sachs and MasterCard to offer its own credit card. The Card is built into the Apple Wallet app on iPhone, offering customers a familiar experience with Apple Pay and the ability to manage their card right on iPhone.

The Apple Card will come without any late fees, annual fees, over-limit fees, or international fees. Apple Card will be available this summer.

Daily Cash is added to customers’ Apple Cash card.Every time customers use Apple Card with Apple Pay, they will receive 2 percent cash back on purchases made with Apple Pay and 3 percent cash back on purchases made on Apple products.

Apple Card provides weekly and monthly spending summaries, to help customers better understand their spending.

Privacy and Security

Apple said 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.

The physical Card

Apple has also designed a titanium Apple Card for shopping at locations where Apple Pay is not accepted yet. Apple has eliminated a lot of the weak points that allow hackers to steal card information.

The card has no card number, CVV security code, expiration date or signature on the card. All this information is easily accessible in Wallet to use in apps and on websites. For purchases made with the titanium Apple Card, customers will get 1 percent Daily Cash. Apple explains.

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Okoye Gift

Writer at EWT News Service
Gift is an independent writer who never shy away from anything tech, culture and entertainment. She is a B.Sc degree holder in Information Technology and content editor for EWT News Service. When she's not covering top tech stories and news, she's working on how-to tips for PC users, or listening to her favorite musics.

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