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Apple Card: What you need to know about Apple's new credit card for your iPhone



 2019-03-25-10-40-04

Apple CEO Tim Cook launches Apple Card, with effort to disrupt mobile payments.


Screenshot by Jessica Dolcourt / CNET
                                                

Apple turned the world of credit cards on its head on Monday by introducing a new one of its own: Apple Card . This is a card you can use to pay for goods and services online and in stores. By taking on payment cards, Apple is taking a step in disrupting mobile payments that no other media has attempted, even Google and Samsung, two companies with their own mobile payment system.

Is a digital credit card finally making mobile payments ubiquitous? What kind of perks will owners be able to get? How will it affect their credit if they switch phones? You're brimming with questions, and so are we. Sorry, we don't have them all. What we have are the details we gleaned from the company's special event yesterday .

Here's everything we know about far-including Apple Card the fine print – and what we have yet to learn.

What is Apple Card?

Apple Card is a new branded credit card for iPhone ($ 1,000 at Amazon) users. It's both a digital card that lives on your iPhone, with a traditional credit card that you can use where Apple Pay isn't available. (It seems like everyone gets this when they sign up.) However, Apple believes you'll use the digital version.

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Apple Card shows you when you were excited


Screenshot by Jessica Dolcourt / CNET
                                                

The physical Apple card is made out of titanium, and has your name etched on it, just for a little drama, and so you can show off by clinking it loudly against a glass.

Where can I use Apple Card?

You'll be able to use Apple Card in apps, online (e.g., web stores) and in physical stores, anywhere in the world where MasterCard is accepted.

How do I sign up for Apple Card?

Apple Card will live in the wallet app on your iPhone, and you'll sign up for it by tapping on the Apple Card prompt within the Wallet. Apple will walk you through the sign-up process. We haven't seen this, but expect it to take a few minutes. This is, after all, a credit card

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Screenshot by Jessica Dolcourt / CNET
                                                

Do I have to wait for a credit check?

You need to be a well-qualified customer, though Apple does share details on what that means. You can, however, sign up if you're interested in more details down the road. Apple says that if you are approved, you will be eligible to use your Apple Card within minutes.

Apple will launch Apple Card through the wallet app this summer. It will come to the US first.

Is Apple Card coming to other countries, too?

Apple only announced its plans for the US It's possible that Apple will use the US as a test bed before expanding into other countries.

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Spend your Apple Card Daily Cash rewards right from the Wallet app.


Screenshot by Jessica Dolcourt / CNET
                                                

Which bank backs Apple Card?

Apple is working with Goldman Sachs as its bank to issue Apple Card, a Mastercard.

How will Apple Card help me track my finances?

If you've ever used a service like Mint or other financial apps before, you might be able to get a sense for Apple's vision with your finances.

You'll be able to see visuals clearly depicting how much you spent on what, when it's due, and how much you owe. Apple also uses its engine to connect to a business, so it is clear that these are the things that are going to be cryptic, like: "New York LLC" machine learning to connect the dots.

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Apple Card has all sorts of tracking charts in place


Screenshot by Jessica Dolcourt / CNET
                                                

So you can see how much you've spent in a given week, and track purchases by category, like meals and transportation. There is a view to show how long it will take for you to pay back what you are.

What if I need help using my Apple Card?

What are Apple Card rewards like?

Apple doesn't opt ​​for a points structure. It gives you cash back on every dollar you spend, through a program called Daily Cash.

Here's how much you get when you make a purchase through:

  • 1% when you use the Apple Card (physical card)
  • 2% when using the Apple Card (digital) on any purchase [19659047YoucanusetheAppleCard(digital)onpurchasesdirectlyfromApple

. For example, if your spending can't exceed $ 3,000, then your earning can't either. You'll be able to keep track of your Daily Cash through a card in your Wallet app.

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You can use Apple Card for mobile payments.


Apple
                                                

Is Daily Cash Real Cash?

Yes, this is real cash you can use right away. You can spend in stores, send to friends, use in apps or on the web, or use to pay down your balance.

What about paying interest rates and fees? a month. For example, you can pay every week or every other week. It is not clear if you can pay if you are or if there is more of a structure.

There are no late fees, annual fees, international fees or fees for going over your limit.

Apple won't slap you with a penalty on top of your missed payment (e.g. it won't cost $ 25 in addition to what you already owe). However, you will accumulate more interest on your existing balance. More here

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Spend Daily Cash like cash.


Screenshot by Jessica Dolcourt / CNET
                                                

Is Apple Card secure?

Apple highlighted four main ways it's keeping Apple Card secure

  • The card number : Apple will create a unique card number for each device, which is stored in The Security Element, a security chip on your iPhone. You get a one-time dynamic security code each time you make a purchase, and authenticate each purchase biometrically, though either Touch ID or Face ID. Apple says they can't use your Apple Card
  • Device, not cloud : All the tracking happens on the device, not on Apple's servers.
  • Your data isn't for sale : "Goldman Sachs will never sell or sell your data for marketing or advertising," Apple's Bailey said.
  • An almost-blank physical card : If you are using the physical Apple card, you will notice that your name is on it, but there is no card number, no CVV, no expiration date and no signature. If you need the details, it's in the Wallet app. This is the reason why others may not consider these essential details of security fraud by either stealing or stealing the entire card.

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If I lose my physical Apple card, can I order a new one?

Yes. If your card is lost or stolen, you can use the Wallet app to free your card and order a new one.

Yes, Apple says Apple Card will work across all your iOS devices.

What comes next with Apple Card

There is a lot of details we still don't know, like the exact launch, any hidden fees, how Apple Card might affect people with low or no credit and when exactly the card will launch. Apple will undoubtedly share more in the coming months. Until then, we can only hope for more tidbits to stream out.

Article published March 25 at 12:01 p.m. PT
Update, March 26 at 1:00 am : Added more detail.


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