Apple announced a sleek, new credit card that's all white and offers 2% cash back on every Pay purchase - here's how it works
Avery HartmansMar 26, 2019, 04:23 IST
Jennifer Bailey VP Apple Pay at Apple.Reuters/Stephen Lam
Apple announced its own credit card on Monday, known as Apple Card.
Apple Card will have no annual, late, or international fees, and what Apple describes as a low interest rate.
The card will also have an easy-to-use app interface, and Apple is offering both a digital and physical version of the card.
Apple Card will be available to US customers starting this summer.
Apple on Monday launched its first-ever credit card, called Apple Card.
The new card - which Apple unveiled at an event at its headquarters in Cupertino, California - is a brand-new product line for Apple. Apple Card will have no annual or late fees, and an interest rate that Apple aims to have be "among the lowest" industry-wide.
Apple touted an easy-to-use app interface for the card, as well as a both a digital version and a sleek, physical version of the card.
Here's what we know about Apple Card so far, and how you can sign up for one yourself.
Customers will be able to sign up for Apple Card on their iPhones. Within minutes, they should be able to use Apple Card in apps, online, and at stores that accept Apple Pay.
Apple Card will be built into the Apple Wallet app on the iPhone. People who are familiar with Apple Pay should find it to be a similar app experience — the card, which is a nice rainbow gradient, will show up at the top of the app.
Inside the Wallet app, users will be able to easily track their spending. Apple will organize spending by category, like "Food and Drinks," "Shopping and Entertainment," etc.
Apple says it uses machine learning combined with Apple Maps to help it label purchases. Each purchase will have a date, merchant name, and location, as well as the purchase totals, which the app will calculate automatically. Here's what it looks like when you click on a transaction.
Apple Card will also provide weekly and monthly spending summaries to "help customers better understand their spending."
Apple Card offers cash back in the form of "Daily Cash." Users will get 2% cash back for using Apple Card on Apple Pay, and 3% cash back on purchases made with Apple, like Apple Store purchases or a purchase from the App Store.
Now for the most important part: fees.
When users go to pay off their cards — which they can do in the Wallet app — they'll see a range of payment options, with the app automatically calculating interest costs on the different amounts.
Apple made sure to tout the card's security: Each purchase is authorized with Face ID or Touch ID and a one-time security code; and Apple won't know detailed data about users' purchases, like where they shopped or how much they paid.
Apple seems intent on promoting the digital version of Apple Card. But for stores that don't accept Apple Pay, Apple created a physical version of Apple Card as well.
The Apple Card will be available in the US starting this summer. You can't sign up for the card just yet, but you can sign up to be notified about any updates regarding Apple Card.