Apple announced on Monday that it will be rolling out a new product called Apple Card. It’s an innovative and fully functioning credit card that will work worldwide and be built directly into the Apple Pay wallet app on the iPhone.
The Apple Card will also come as a physical titanium card which will have your name written on it. The Apple Card card has no security code, credit card number, or other sensitive details – the card will rely on chip and pin and contactless payments.
How Apple card works
The card will give you cash back on every dollar you spend, through rewards a programme called Daily Cash. Customers will earn 2% cash back on card purchases made via Apple Pay, 1% on those made on the physical card and 3% cash back on all purchases made at Apple. The cash back will get paid directly to your Apple Cash card on a daily basis and you can spend it wherever you use Apple Pay, send money to friends via iMessage, or pay your Apple Card balance.
The card has no annual, late or foreign transaction fees, and will allow users to track spending by category on their phones. There is no penalty fee for going over your limit.
When and where will the card be available?
The card is expected to debut in June this year in the US. Apple never mentioned other countries when it came to the introduction of this card in June- it just talked about the US. So the US will be the guinea pig for the rest of the countries who will get the card after it.
How to get the card
To get the card you do need to be a well-qualified customer, though Apple didn’t share details on what that means. However, already you can start to sign up to get the card in June.
Image credit: Apple
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