Apple has unveiled a credit card which promises to improve the credit card experience through simpler, fee-free applications, lower interest rates and better rewards.
To get a Apple Card , Users will need to register on their phones in an app Apple Wallet and get a digital card they can use anywhere the service supports Apple pay, to pay by phone “in minutes”.
Customers will be able to track purchases, check balances, and know when to pay the bill due directly from the app.
Users will also receive an actual Titanium card, but will not be provided with a credit card number or CVV Or expiration date or signature, with all information stored directly in the application Apple Wallet.
Apple also said it would use automated learning and its mapping service to help name stores used in the application, and use that data to track purchases.
Instead of a point-based reward program, users will get Apple Card Cashback bonuses in the form of “Daily Cash” company said.
Apple has collaborated with Goldman Sachs, with processing Mastercard.
In addition, the company claims that there will be no “late fees, annual or international fees, no limit charges, low interest rates and no penalties for lost payments.