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.
Apple is partnering with Goldman Sachs to make its own credit card due out this summer — no plastic required. An optional physical card is available, but it’s a laser-etched titanium rectangle. https://t.co/WrG7GAIlmx pic.twitter.com/GVDHXxTdhn— CNN (@CNN) March 26, 2019