The tech giant has launched its first credit card in its recent Apple special Event 2019 held with the tagline “it’s Showtime”, and Apple fans are going crazy over it. Apple has teamed up with MasterCard and Goldman Sachs for launching this card. The organization insists that it a smarter card compared to the variants already available in the banking market. The company also claims that “Apple card stands for simplicity, transparency, and privacy.” The card is expected to launch in the US this summer and soon expand to other countries using America as their test bed.
Let’s see what the hype is all about.
Features that stand out
The titanium card doesn’t display your credit card number, expiration date or signature, which makes it harder to steal your information and also gives it a minimalist elegance. The drawback is that because all it carries only your name, anyone with your card could possibly take it and start using. But you can quick-lock your card straight from your phone once it has gone missing.
Matched with a regular card, this is more accessible than calling your bank to get your card canceled. But this feature isn’t new at all, many other companies are making it easier to keep track of your card and suspend your account at will, so Apple isn’t breaking new ground here.
Unlike other credit cards, there are no charges such as yearly, late, global, over-the-limit, returned-payment charges or hidden fees with Apple Card.
The cardholder can set up weekly or biweekly installments as well to balance when they get paid. Therefore, repaying more frequently helps the cardholder to save more on the interest they pay.
Also, in case, the buyer misses a month’s debt, no fine or the delayed fee will be imposed.
Since Apple hasn’t fixed a deadline on how long you can go without paying your debt, you could theoretically get away with never paying your debt at all.
Let’s talk about the alluring cash backs now,
The user will get 2 % Daily Cash every time they use the card with Apple pay. They will also get 3 % Cash on the shopping made straight on Apple products. This seems alluring but on the other hand, the card seems to be an effort to promote Apple Pay, which has a considerably lower number of users when compared to its competitors.
Apple has partnered up with MasterCard to make its availability global. Every time you purchase with the card it gets updated in the app along with the date of the purchase and the store location. These are the main features that stand out.
To make it stick,
As usual, Apple enthusiasts are excited about the card and the sweet sound the metal card makes when it’s slapped on a glass counter and some remain unimpressed.
Apple’s credit card is definitely a boon when you know how to manage and play a safe game within your credit limits, otherwise, it might become a concern of a long tail of debts as much as any other credit card. As far as privacy is concerned, Apple is lauding privacy as a trademark of the card, which has a novel safety design claims that it won’t spy or sell your purchase data.
Getting rid of card numbers is an innovative step towards the future of card payments, this can change the way the world uses credit or debit cards. Payment networks are slowly moving away from the requirement of a card number. This has been in play since the installment of chips in credit cards made card numbers less necessary. According to experts, it is not just Apple. Other banks might follow-up and implement the same sooner than we can expect.