Earlier this month, Apple introduced a new Apple News subscription service, a video subscription service known as Apple TV+ and a cross-device online gaming platform dubbed Apple Arcade. Now, the Tim Cook-led mega-company is back with another unique new creation: the Apple Card. Billed as a new form of credit card, the Apple Card was “built on simplicity, transparency and privacy, and designs to help customers lead a healthier financial life.” According to Apple, the Apple Card doesn’t carry any fees — such as “annual, late, international or over-the-limit fees” — and lower interest rates.
The card features improvements that credit card users currently face with their bank-issued plastic; exorbitant fees, unclear charge origins, confusing reward redemption, and more. As a solution, Apple Card does not have many of the fees commonly associated with financial institutions; activity within the card and app is explained clearly with properly-named establishments and exact locations of charges via GPS; and ‘Daily Cash’ rewards show how much you’re earning as a reward for spending with Apple Card, and the money can be pushed to your Cash Card balance to spend immediately.
The announcement today also revealed an alternative to the digital Apple Card — a physical credit card made of titanium and without any numbers, markings, signature or CVV code printed on it. This solution is for locations that currently do not accept Apple Pay.
“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” explains Jennifer Bailey, Apple’s vice president of Apple Pay. “[Its] 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.”