What is Apple Card?

It is a full-fledged credit card and can be used to make locally and internationally. It also comes with daily cash back offers as rewards just like most fintech cards.

How is Apple Card different from a traditional credit card?

• The Apple Card will come as a built-in feature in the Apple Wallet on the iPhone, which means that just like most Apple products, you need to be an iPhone user to avail it.
• Apple stresses on the privacy aspect, promising that "even Apple doesn't know what you bought. Or where. Or how much you paid."
• There are no numbers, expiration dates, CVV codes, etc printed on this titanium card (it is not a plastic card). It will only include the card owner's name along with Apple and Mastercard logos. The card's number is securely locked in the Wallet app in one's iPhone. The iPhone already comes with a Face and Touch ID and now this unique card number will be stored in Apple's security chip Secure Element.
• Traditional cards require you to go to an ATM to activate the card or other time consuming formalities, but customers in the US will be able to sign up for Apple Card in the Wallet app and start using it with Apply Pay in minutes. The Apple Card will be open for registration in the US in 6 months.
• Customers will receive their 'Daily Cash' (cashback) which is a percentage of every purchase made each day and one can opt to use it right away on Apple Pay or put it towards their Apple Card balance or send to friends and family in Messages.
• One can check their weekly and monthly spend summaries over the Wallet app which has no ads. The summaries provide a breakdown of all the spending in different categories like Food and Drinks, Entertainment, etc to keep a tab of your spendings.
• Additionally, with the help of machine learning and Apple Maps, transaction details like name of the merchant and location will be clearly stated rather than POS codes.
• There is no international usage fee.
• Apple says there is no "annual" or "late." However, it should be noted that on missed or late payments, additional interest will be charged and this will be added to the existing balance. It also has an interest calculator feature that shows how much interest you will have to pay if you can't pay for the purchases by the due date.
• The Wallet app will send push notifications with daily countdown to your next bill so that you do not forget about your dues.

Why introduce a card when one can pay on phone?

The tech giant explained that the idea to introduce a credit card was to make spending easy in locations or countries where Apple Pay is not accepted.

The Apple Pay service already serves the concept of paying with one's phone but the card helps in places where one cannot do so.

Additionally, as mentioned before, with just one's name mentioned on the Apple Card, the accessibility to one's fund remains secure in the iPhone.

How to apply for an Apple Card?

Apple Card will be available for US users in six months time on the Wallet App. Soon after, the services are expected to be launched in other countries where Apple Pay is accepted, and India is presently not one of those countries.