Apple launches its credit card
In the services event on Wednesday, Apple has made an interesting announcement besides launching its tangible products. The leading company has launched both physical and digital versions of ‘Apple Card' which is a sort of credit card that would provide up to 3 per cent cash back.
With an aim to provide happier and healthier financial life to its customers, Apple launched the product in association with Goldman Sachs and Master Card which is said to be similar to Apple Pay and the card is built into the Apple Wallet app on iPhone.
So, how is Apple card different from the other cards? Apple card applies the method which simplifies and encourages customers to pay less interest. Apple also promises security measures designed to avoid common avenues of credit card fraud. It also offers a rewards program with Daily Cash, which gives back a percentage of every purchase as cash on customers' Apple Cash card each day.
"Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of the iPhone,” said Jennifer Bailey, the company's vice-president. It also promises to offer a better understanding of customers spendings and make smarter choices with their money. This card also provides weekly and monthly spending summaries in order to help customers comprehend their finances better.
On the whole, this can be framed as a bold but a brilliant move from Apple’s end. The Apple Card will be available from this summer in the US.