Apple’s showbiz event was a hit with many announcements. But the surprise announcement was the launch of the Apple Credit Card that comes with a promise to improve the overall credit card experience. The perks: lower interest rates, loaded rewards, simpler applications, and no fees.
It’s simple, you need to sign up on the Apple Wallet app and get a digital card- almost instantaneously. You can use the digital card anywhere Apple Pay is accepted. There’s also a physical titanium card that- interestingly comes without a credit card number, expiration date, signature or CVV. Your authentication data will be stored and saved in the Apple Wallet app.
It’s Goldman Sachs who’s partnering with Apple for the credit card, while Mastercard will handle the payment processing. When it comes to privacy, Apple assured the spending tracking or any other information will be stored only on your device- and not on Apple servers. “Apple doesn’t know what you bought, where you bought it, and how much you paid for it,” said Jennifer Bailey, VP of Apple Pay. “Goldman Sachs will never sell your data to third parties for marketing and advertising,” she added.
Also, the retail stores you use in the app will be labeled using machine learning and Apple Maps. You can mark a store as “food and drinks” or “shopping” or “grocery” and track the purchases and payments across these categories. And with the ‘no fees’ policy, Apple assures that there will be “no late fees, no annual fees, no international fees, and no over-limit fees” with the Apple Card.