Apple rolls out its much sought-after credit card to select users today. The company said the card, issued in partnership with Goldman Sachs, will be made available to all iPhone users in the United States later this month.
Users must apply for the Apple Card through the wallet app on their iPhone. They must fill in information such as name, date of birth, income level and the last four digits of the social security number.
Apple says this information will go to Goldman Sach's servers and the approval will take less than a minute. Once approved, users can also apply for the fancy titanium physical card.
To activate the titanium card, tap the NFC sticker that came in the box on your iPhone. Apart from giving the feeling of owning a premium credit card, the titanium card is only useful when you do not have the phone or the outlet does not support Apple payment. The card does not have contactless payment features; you need to use your phone for that.
During the launch, Apple said that the card will incur no annual fees, international fees or late fees. In addition, an annual percentage rate will offer between 13.24 percent and 24.24 percent based on your credit score.
The Company's Reward Program will offer three percent cashback from any Apple-related (Apple Store, iCloud or App Store) transaction, two percent cashback from any Apple Pay transaction and one percent cashback from physical or virtual card transactions.
The cashback is stored as "Daily cash" in your wallet app and you can use it to pay off your credit card bill or transfer it to friends or bank. You can keep track of purchases and pending payments from the app.
Apple has had good success with Apple Pay, and I'm sure it wants to achieve similar benefits with the Apple card.
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