Apple the Cupertino based company has now ventured into the payment space with its new product the Apple Card. The care is intended primarily to be used with Apple Pay on various Apple machines.
What is Apple Card all about?
The Apple Card is drastically different than a traditional credit card, unlike the physical cards that are widely used the Apple card is ‘Digital’ only. Meaning the Apple Card lives on your iPhone, in the Wallet app.
Those who prefer to use the Apple card, simply have to sign-up for the card in the wallet app. Once you do that, a novel card number is generated on your iPhone which can be used for purchasing the things you need.
How safe is it?
As far as security is concerned, the card is extremely privacy oriented. All your cards data is clasped away in the Secure Element. The data safety is strengthened by a special security chip which will help you protect your privacy. Whenever a transaction is carried out by you, you will need a one‑time security code that your iPhone will generate when you commission your purchase.
What makes the purchase more secure is the use of Face-ID or Touch-ID for authorization. Another good thing about the card is that it does not come with any numbers printed on it not even the CVV.
Another distinct aspect of Apple Card is that all the transaction archives and spending reports of yours are stored right in the Wallet app of your phone. There’s also a real-time fraud protection feature inside the card.
The Daily Cash program
This program enables Apple Card users with a compelling set of rewards as and when the purchase item’s using the card. Daily Cash, gives back a percentage of every purchase as cash to its customers as remunerations daily.
No usage Fees. Not even the hidden ones.
No fees, Really? Yup! The card bears no fees. there are no annual, late fees, international, or over-the-limit fees. But Apple does charge an interest fee which is a given. Interest rates are calculated based on your payment amounts and creditworthiness in real time.
Apple also roped in Goldman Sachs and Mastercard. Respectively one will manage the financial side of the card and the other will handle the payment processing part.
You too can lay your hand on one of the Apple cards this US summer. The sign-up process can be done here.
