Apple has partnered with Goldman Sachs and Mastercard to roll out their new credit card, Card (AppleCard).
CEO Tim Cook spoke at length during today’s keynote presentation about how Apple wants to be a responsible business. (It wasn’t hard to feel the shade thrown at companies facing difficulties managing the spread of fake news.) Besides rolling out updates to their AppStore, a new AppleNews+ subscription service, they’re also announcing a new credit card.
In that same intention, this card is being billed as a more secure payment option that provides individuals with easier access to credit. Overall Apple is making a bet consumers will look to them to improve their financial health.
Simple to Use & Transparent
While I wasn’t quite fast enough on the uptake to grab screen shots, Apple is looking to do to the credit card world, what it did to cell phone signups and activations (kinda). Via this partnership with Goldman Sachs they claim to offer better interest rates to more consumers. The application process is straight forward, there are plentiful ways to schedule payments, manage scheduled payment plans, estimate interest charges, etc.
There’s also…no fees. Yup:
- No Late Fees
- No International Fees
- No Penalty Interest Rates
- and the list goes on…
There are no points or perks…yet. Based on how this program rolls out, the sky is the limit for what they can add in the future. For the meantime, they are offering “Daily Cash”
Daily Cash is a simple cash back rebate, paid out daily and stored on your Cash (AppleCash) account. A feature that I’ve never used but have seen sit in my wallet for the last few iOS updates. Earning rates are as follows:
- 3% Daily Cash on all purchases from Apple (including App Store)
- 2% Daily Cash when you use ApplePay
- 1% Daily Cash when you swipe…
WHEN. YOU. SWIPE? Yes. When you swipe.
If the merchant doesn’t have ApplePay, you can still pay with a physical card. Of course because it’s Apple, it’s titanium AND laser etched. The card doesn’t have a card number, nor a CID, expiration date or signature line.
Ok, so maybe this is more like the final take of just the intro…as Card doesn’t roll out in the US until this summer. My go to for cash back cards tend to be my PayPal Business Card Mastercard. I get 1% back on every swipe transaction. It also gives me the benefit of drawing directly out of my bank and getting cash out of an ATM from my PayPal balance – two in one. But, that’s a debit card.
Plus, with the convenience of ApplePay (on my watch, phone, etc) and the addition of new transit systems and payment uses I can’t but help see how this can’t be a slam dunk for Apple.
With Card, now you can get some great options for cash back earning with a credit card that doesn’t come with any extra fees, etc. Because I’m such an Apple fanboy and because there are NO INTERNATIONAL FEES, I see myself signing up ASAP. Where do you see this card fitting into your wallet?
The post Say Hello to Card was first published on Coworkaholic.