Apple ended up with their event held on 25th march, 2019 and made its three major announcement, those are News+, Apple TV+ and a piece of hardware called “Apple Card”. Apple card is nothing else but a credit card, created in partnership with MasterCard and Goldman Sachs. Apple card a digital card, Which will be available in your existing wallet app of iPhone and as a traditional card.
How it’s different from other credit card | Benefits of Apple card
Apple is known for simplicity and being premium. Intersted candidate can sign up for the apple card directly from their device. After approval of your apple card a unique card number will be created and stored on your iPhone. Apple card user will also get physical card made of titanium. Which will have apple logo user’s name etched on it. Since it’s made stripped of all functional numbers, it immediately looks different and titanium made it premium too.
No Fees and Penalty Interest Rates.
The biggest headache of credit card holder is paying the card at right time. As we know credit card companies charge heavily for missing their payments, which is a big financial hit for card user. The card comes with no fees and no penalty interest rates.
Card Security
Apple is very much concerned for their user privacy and security. Apple card is secured with “Dynamic security code” feature means every time you make a purchase one time security code will be generated to verify the user.
Card Fraud
Since Apple Card doesn’t have any card number, expiry or CVV number, there’s far less information on it for a thief to use to try to make a fraudulent transaction.
Apple Map for transaction tagging
In credit card bill we only have date, location or money paid fields. Apple card leverage information from Apple Maps to tag your spending. Means in your credit card bill Apple will change any address like “$12.95 spent at 123 Main St” to “Moe’s Hardware Store”. This feature will help you to recognize the spend location.
Privacy of data | Selling of your data to ad agenecy
Banks or fin-tech company sell or share their customers data to ad companies to generate more revenue. Goldman Sachs has agreed not to sell or share user data for marketing or ads.
Apple Card vs Credit Card
Since Apple Card is just another credit card. Apple card users will get 2% cash back when using Apple Pay. For purchases made via the App Store, iTunes, or other direct-from-Apple buys, you’ll get 3% cash back.
- Which is very similar to other cards and few card companies like CITI offers upto 5% on transaction.
- Some card companies also runs reward point program, in which user can redeem their points in cash.