During an event which took place on 25 March 2019 at the Steven Jobs Theatre in Cupertino, California, Jennifer Bailey – Vice President of Apple Play – introduced the company‘s new credit card designed specifically for the iPhone.
According to Bailey, the virtual card, which users will be able to obtain within minutes of issuing a request, will be a part of the Wallet app, and will be subject to no “annual, late, international or over-the-limit” fees.
“… our goal with Apple Card is to provide each customer with an interest rate that’s among the lowest in the industry. Even if you miss a payment, we won’t charge you a penalty rate like most banks do. Our goal is to make it easier for you to pay down your balance, not harder,” said Bailey.
Furthermore, the Apple Card will provide users with a variety of payment options aimed at identifying the lowest interest rates, and give them back two per cent on purchases outside of Apple, and three per cent for purchases made within the Apple ecosystem.
The new card might also appeal to security enthusiasts because all purchases are said be authorised by Touch ID, Face ID, or a one-time unique dynamic security code, while the unique infrastructure developed for the service will ensure that Apple isn’t capable of figuring out what was bought where and for how much.
Another neat, albeit inessential, new feature is an easy-to-decipher credit card statement which clearly displays the names of merchants, thereby reducing needless confusion and difficulty in tracking finances.
“With Apple Card we use machine learning and Apple Maps to transform this mess into names and locations that you’ll recognise,” explained Bailey to enthusiastic applause from the audience.
By partnering up with Goldman Sachs and Master Card, Apple has made sure it’s card – also available in physical format – will be accepted all around the world.
Based on the latest information, Apple Card will become available to eligible U.S. customers this summer.