Apple is ready to start the credit card Business. A virtual payment card has been announced by the company which is built into the “wallet app” on iPhone. The Apple card will help and sport in various features to improve the consumer experience and to lead a healthier financial life
The CEO “Tim Cook” said in an event held on Monday at the “Steve Jobs Theater” in California, “With our hardware, software, and services, we think that Apple is uniquely positioned to make the most significant change in the credit card experience in 50 years”.
As it is truly accomplished in the past times, Apple is going to enhance a current product. Apple aims to make a consumer-friendly credit card by streamlining the application procedure, getting rite of extra fee, motivating the customers to be charged less interest, and providing a new level of security and privacy. Apple card inside the Wallet app, customers can sign up easily and start shopping with a few short steps and time.
The card is securely integrated with a number of real-time views and information about the customer’s latest transactions and balance. All the transactions are connected automatically to the Apple Maps, with the service provider name and place displayed.
The Purchases are instantly categorized into the “color codes” like foods, drinks, shopping, entertainment, and others. Also weekly and monthly summaries are provided which customer will spend, in the card app.
On the other hand, resolving and fixing any problem and queries of a cardholder will take a very short time, Just a message is needed.
David Robertson said (the publisher of the Nilson Report) “It’s a very slick design for presenting information to the consumer,”
Apple credit card is scheduled with a cash rewards program and will be available during this summer. There are some attractive offers like a customer will get 1% for outside the Apple Pay buys, 2% for Apple Pay buys and 3% for buys from Apple.
The rewarded money is added as cash and could be used to make more purchases, pay the card, or be sent to friends and family.
Fees and Interest Rates
Apple has avoided the usual credit card fees, such as late payment fees, international purchasing fees, extending cards spending limits and annual membership fees. Also, there is no interest rate on the late card payment.
The “Card App” is also featured guided payment methods. Card app makes some suggestions, recommendations, and ideas about using payment regularities to minimize interest payments. It also explains a cardholder a wide range of payment choices and figures out the interest amount in real time.
Apple aims to have minimum interest rates that are the lowest interest rates in the industry. Apple Card is supported “Mastercard” and “Goldman Sachs”.
Apple Vice President for Apple Pay Jennifer Bailey said “Security is totally integrated throughout the hardware and software” and “We also designed Apple Card to set a new level for privacy and security.”
Within the security and protection Planes, every Apple card is equipped with a unique card number stored in the “Secure Element” of a device. A unique chip is being used in the Secure Element to keep Apple Pay business secure.
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Every single pay made with the Apple card is protected with a biometric authenticator. Whether a Facial recognition through Face Id or a fingerprint through Touch ID could be used and also one-time unique code that frequently changes.
Tim Bajarin (The president of Creative Strategies) said that “This card has ironclad privacy behind it”.
Privacy is usually part of the credit card issued to the cardholder. This titanium credit does not contain expiration signature or date, CVV security code, and card number.
Jim Miller (vice president for the Banking and Credit Card Practice at J.D. Power) says “I like what they’ve done with the physical credit card”.
“I think that’s going to become the industry standard,” he told TechNewsWorld. “You don’t need the risk of some waiter writing down your credit card information in a back room.”
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