What is Apple Card? Benefits of Apple Card and How is it Different

Apple Card - Everything You Need To Know

After achieving numerous milestones in the smartphone business, Apple has made another sumptuous move in the credit card sector by introducing Apple Card, which is positively coming this summer.

Where this move has triggered a new wave of curiosity among the Apple enthusiasts, there are a lot of queries that are left unanswered or may be unclear. Well, if Apple has stepped into something, there’s got to be something special. Isn’t it?

Now that there’s a lot of rumors and unclear information about the new venture, users may feel a bit bewildered. To help you know about the new Apple Card, we’ve gathered as much information as possible to help you know everything you need to know about the Apple Card.

What Is Apple Card?

Apple Card is a new move from Apple stepping in the credit card business. An Apple Card would work like a normal credit card to help you make purchases online and offline. The card would be available in both virtual and physical mode to assist you at various POS. You would be able to access your Apple Card on your iPhone as well as a titanium-made card would also be shipped to you with your name etched on it.

How Apple Card Is Different Than Other Credit Cards?

On a wider ground, Apple Card is just like another credit card that is lying in your wallet. However, there are a few characteristics that make it stand a little different than other conventional credit cards. Features like no late fees on payments, no points distribution, real-time interest estimation etc. set Apple Card different than any other credit card.

What Are The Apple Card Benefits?

With Apple diving into the credit card business, you can expect a lot from the tech giant. Below is the list of common benefits that you would get upon getting an Apple Card issued for you:

1. No Annual Fees, No Late Fees: Apple Card is one of its kind credit cards that comes with almost no extra charge. Apple is set to not charge you for an annual fee, joining fee, cash advance fees or even the late fees upon repayment of your debts. So, if you miss a repayment, you don’t have to bear a hefty late fee added to your bill.

2. No Points But You Get Daily Cash: Most of the credit card companies offer points upon your purchases at different outlets, which may or may not of any use to you. But with Apple Card, you get daily cash credited to your account. When you make a purchase with Apple Pay. The daily cash distribution depends on how and from where do you shop.

• You get a 3% daily cash on your purchases done from Apple (store or online),

• 2% when you buy anything using Apple Pay in any category, and

• 1% when you purchase from a store that doesn’t support Apple Pay and you swipe your Apple Card.

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3. Color Category Of Spendings: Although most of the credit card companies help you know where did you spend and how much. But, with Apple Card, you’ve got everything color-coded to recognize the category in the blink of an eye. Now, you don’t have to turn the pages to find your spendings anymore.

4. Estimated Interest: Paying your balance in full is one of the best ways to avoid interest. In case, you are unable to pay in full, Apple Card offers to help you get an estimated interest figure based on the difference between the payment and balance in real time. When you know how much interest amount you would have to pay, you’d be able to make a calculative decision.

5. Next Level Privacy & Security: Privacy and security are the most important concerns when it comes to paying online or through a card. Now that Apple is associated with Apple Card, you may rest assured of your privacy as the company claims to have all the security of Apple Pay right in on your device. When you get your Apple Card for the first time, the system generates a unique device number on your iPhone, which is then locked in the Secure Element.
   
   Another great feature to ensure optimum security is that your Apple Card would not carry any card number, CVV code, month and year expiration or signature. It would just have your name engraved on the titanium sheet. How would someone steal your credit card details when there’s none even on the card?

6. Real-Time Fraud Protection: You get an instant notification every time you buy something with Apple Pay that helps you updated with your spending. In case, you don’t recognize a charge, you just have to tap on it to get to the Fraud Protection department of Apple. Also, you don’t even have to call them and be on the waitlist to listen to that pesky music, you can get an instant response by texting 24X7.

7. Organized Payment Schedules: Unlike other credit cards, Apple Card comes with a great feature of a fixed payment date i.e. on the last day of every month. This way, you minimize the chances of forgetting a random date, which is never fixed by other credit card companies. However, Apple Card offers you to set up weekly or biweekly payments to match your payday.

What Are The Apple Card Facts?

Apple Card is carrying a lot of benefits that are enough to attract anyone. However, there are a few facts, which you must know before jumping on the bandwagon.

1. You Have To Be Eligible: Apple made seem like anyone can login to the Wallet app, apply for the Apple Card and begin using it a moment later. Well, this may be the case for a lot of users, but one has to be eligible to score an Apple Card. This way, Apple Card is as easy or as hard to get as any other credit card.

2. Apple Card Is Partnered With A Bank: If you think Apple is the only one to know about your personal details, you are probably mistaken. Every credit card requires an issuing bank, which is Goldman Sachs in this case. But, Apple affirms that your details would not be sold to a third party by the bank for any marketing and advertising purposes.

3. Apple Card Is Not Contactless: Unlike other credit cards, Apple Card going to be a non-contactless card that would require the physical swipe into the POS machine. You may not be able to just swing it around the machine to authorize a payment. However, this makes sense as Apple wants you to use your iPhone to authorize any payment, which is good if you are concerned about the security.

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4. No Fees But You Have To Pay APR: Now that Apple is not going to charge your in the name of annual fee, late fee etc. but an APR (Annual Percentage Rate) is still applicable. Moreover, the APR is variable ranging from 13.24% to 24.24% that is based on your creditworthiness.

5. Daily Cash Has A Limit: Apple claims that you can earn as much Daily Cash as you can but this also has a limit hidden in the terms and conditions section. Although Daily Cash doesn’t have any capping but you can earn Daily Cash up to the spend of your credit limit.

6. You Have To Have An iPhone For Life: Most of the Apple Card’s functions rely on the digital wallet app on iPhone. Moreover, the fundamental security of the card is also based on the Secure Element chip located in your iPhone to process every transaction. So, you have to have an iPhone from applying for an Apple Card to use it for a transaction.

Overall, Apple Card is a revolution in the credit card sector that has the potential to cover a significant chunk of the market. Although there are a few things that you may wish to consider before applying for a new Apple Card. However, the benefits outperform all the little complexities that the Apple Card has. If you wish to share your opinion over the Apple Card, do let us know in the comments below.

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