Apple has just announced a credit card that promises no late or international fees and up to 3% cash back that can be paid every day. You can even get a physical card made of titanium. Let’s take a look at everything we know about the card.
The Apple Card – a new type of credit card
First of all, you need to know that if you want to apply for an Apple Card, you must first own an iPhone. The company has not shared any details about what kind of credit score you need to have in order to qualify for its card yet.
The new card is a MasterCard backed by Goldman Sachs and even though you can get a physical copy as well, everything still takes place on the iPhone. You will need to apply for the card on your iPhone and that’s where you will also pay for purchases and see all your bills. You can start using the Apple Card this summer if you are located in the United States. The card will basically be accepted wherever Apple Pay is also accepted.
No late fees and no international usage fees either
The great thing about the Apple Card is that, compared to traditional credit cards, it will not have any late, international usage or yearly fees. An app will allow customers to keep track of their purchases and balances.
According to John-Kurt Pliniussen from the Smith School of Business at Queen’s University in Kingston, Ont., credit card companies will start competing with Apple from now on in order to match what the tech giant is offering. He mentioned that he expects these companies to soon start designing their own Android app that can do what the Apple Card will do.
“You’re also going to get cash rewards and receipts. It’s just delightful. And it’s … going to shock all the traditional credit card holders.”, Pliniussen also added.
Frances might be just at the beginning of her career, but after attending a technical school, she has a fresh perspective on today’s technology. She contributes to the site with tech news.