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27/03/2019

The Apple Credit Card: what you need to know

27/03/2019

The Apple Credit Card: what you need to know

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Apple unveiled plans to join the credit card world to global surprise on Tuesday (March 27) at an exclusive California launch event.

The Apple Card is set to be released in the US in the summer and will be put into your Apple Wallet. It can be used for contactless or online purchases on your iPhone, iPad or MacBook and offers 2% cashback on everything you buy.

Partnering with Goldman Sachs and Mastercard, it will come in both virtual and physical form. The card itself will be made of titanium and will not contain any card numbers printed on either side.

However, users were assured their purchases were secure as payments would be authorised through Touch or Face ID along with a security code.

It was also revealed that there will be no fees linked to the card, although interest will still be added if payments are late or missed.

Speaking of the new venture, vice president of Apple Pay Jennifer Bailey said

“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone.

“Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.”

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Apple Card: the important facts

  • You can sign up in minutes on your iPhone and use the card worldwide straight away.
  • It will help you to track your purchases and balance through your Apple Wallet.
  • Your transactions will be labelled and colour-coded into categories through machine learning and Apple Maps.
  • Support is available 24/7, all you need to do is send a text.
  • You are given a card number, which is stored safely on a chip within your device.
  • The card has no late, annual or over-limit fees.
  • Interest rates vary between 13% – 24% APR.
  • Any cashback you earn is paid as Daily Cash (which is built into the Wallet App) automatically.

When will the Apple credit card be released in the UK?

As all eyes look to the US following the release, UK residents are asking they can get their hands on the new card.

Apple has not confirmed if the card will be released outside the US, but industry experts are confident that it could hit Britain as soon as autumn 2019.

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