Apple Launches Virtual Credit Card for Apple Pay users
Apple in collaboration with Mastercard and Goldman Sachs have unveiled a new credit card for Apple Pay customers.
The new Apple card did not come as a physical card rather it is in the form of a digital card which exists within the wallet App on your iPhone. With the new card, you can use it to pay in any place where Apple Pay is supported. And it is easier to set up on your phone. It only takes a few minutes to complete the setup.
Another unique thing that Apple did was upgrading payment history. Apple now uses machine learning and purchase location to know the merchant name and show it all out in an easy way that people can read. With this, users will no longer be seeing meaningless gibberish populating their payment history. Also, the App will now divide your purchases into various categories like; shopping, entertainment, etc. It also came with weekly and monthly summaries.
Also, if you encounter difficulties in using the App, you can reach out to Apple support staff. Apple said that they will have a 24/7 support staff that users can contact via iMessage.
The new Apple card will also offer users daily cash rewards instead of points. You will get 2% daily cash for every purchase that you make. And this is added to your Apple Cash card every day for use with Apple pay. Another thing is that any purchase that you make with Apple-like in Apple store, App store, iTunes etc. will fetch you 3% daily Cash.
Just like other credit cards, the Apple card does not have fees. Apple won’t charge you any fees like annual fees, local and international payment fees etc. But there is an interest calculator within the App which will reveal to you how much that you will be charged depending upon how you choose to pay your bills.
The new Apple card solely lives on your device within the secure Element chip used by Apple Pay. All transactions are authorized by Touch ID or face ID. And it also uses a one-time dynamic security code for authentication.
Another thing is that Apple and Goldman Sachs agreed not to share or sell users data to third parties for marketing or other purposes. And Apple will not have any knowledge of what you bought, where you shopped and how much that you spent.
Furthermore, in a situation where you visit a place where Apple pay is not supported, you can use Apple physical credit card. Apple unveiled a physical credit card for such a situation. The physical card is made of titanium and will only come with your name and a chip on it. No other information will be disclosed making it more secured.
For now, Apple has not revealed the price of the card. But we believe that such a card will cost a fortune to get. Further information revealed that the Apple Card will be available to Apple Pay users in the US in summer.