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Apple enters the credit card market with -Yep-Apple Card



Apple's event Monday ended with a piece of hardware anyway: a new credit card that it plans to launch this summer in the US. The appropriate Apple card created in partnership with Mastercard and Goldman Sachs will live within the existing Wallet app on iPhones and as a traditional physical card. During a keynote speech, Jennifer Bailey, Apple's Vice President of Apple Pay, described the card as "bold and innovative," though it does not offer many unique rewards or perks. But it has several security upgrades that can appeal to those who are particularly concerned about privacy.

Ultimately, Apple Card is a credit card, and as such, recognized payback benefits, but with an Apple-specific twist: 2 percent cash back on any transaction made with Apple Pay and 3 percent back on Apple's products and services, including purchases made in the App Store. If you use the genuine titanium Apple Card, you only get 1

percent cash discount.

The hope is that the card will stimulate a larger number of US retailers and consumers to adopt Apple Pay, the digital tablet service Apple first introduced in 2014. During the company's event Monday, Apple CEO Tim Cook found that only 70 percent of US retailers accept Apple Pay, well below the 99 percent adoption rate in Australia. "They are really nudging consumers to use Apple Pay regularly and not just as an occasional thing when a dealer allows," says Sara Rathner, a credit card expert at Personal Finance Company NerdWallet.

When approved To receive an Apple card, a unique permanent card number is created and stored on your iPhone. Every time you buy a product, Apple says another "One-Time Dynamic Security Code" occurs that prevents your Apple card from being stolen or used without your permission. Your permanent card number never appears. Has existed for several years. Companies such as Privacy, have already allowed users to make online purchases without revealing their actual credit or debit card numbers.

Although a physical Apple card is lost or stolen, there is much less information about it for a thief who needs to try to make a fraudulent transaction, it has no card number, no expiration date, no signature and no three-digit code on the back, the customer's name is simply printed on the cover with a security chip.

Apple

Apple's credit card competes with offers from Square, Amazon and Venmo, as well as with traditional bank cards, many of which already offer similar buyback programs r. Amazon's Visa card for example. Buyers a 3 percent to 5 percent discount on both Amazon and Whole Foods purchases. "Cash-back cards are popular; there are many other options that are very similar," Rathner said.

As formerly existing personal finance programs like Mint and Acorns, Apple Wallet will automatically track where and how much you spend with Apple's credit card. The idea is to help "everyone lives a healthier financial life," Bailey said on stage on Monday. But it's not clear whether Apple Wallet is able to automatically track things like mortgages and rent payments, which are typically made directly from checking accounts, not through credit cards. Bailey also did not specify whether Apple Wallet could integrate data from other existing credit cards of consumers. "I'm not sure how full a picture it would show," adds Rathner.

Apple also plans to exploit Apple Maps information for its new credit card. When credit card processors have limited information about a merchant, the transaction in your bank statement can only include business address or other vague details. Apple uses its mapping data to poke these gaps in an effort to make it easier for consumers to understand their spending habits. Instead of "$ 12.95 spent on 123 Main St." The Apple Card automatically replaces the address with "Moe's Hardware Store."

Apple Card is a bit bigger at Apple from hardware like iPhones to services that can provide more recurring revenue for the business. Besides Apple Card, the company also announced News + on Monday, a subscription news service that costs $ 10 a month. (It contains content from WIRED.) Apple needed to find new sources of revenue partly because the global smartphone market is slowing down while people are holding on to their devices for a long time. And there are likely to be better ways for Apple to generate some extra money than to set up to collect boatloads of credit card processing fees.


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