Apple has launched its all new credit card, called Apple card to improve credit card experience with simpler applications and lower interest rates. To launch its new card, the Cupertino tech giant has partnered with Goldman Sachs and MasterCard.
With the MasterCard’s global payment network, “Apple card will be accepted all over the world”, said Apple Pay’s vice president Jennifer Bailey, during the product launch event in Cupertino California.
Apple says that their credit card will make it easier for its user to track where they are spending money with the help of Apple Maps. They also said, the users privacy is their main focus and they won’t know what you have bought and from where. The card’s data will be stored in the same iPhone security chip that handles Apple Pay, and Goldman Sachs won’t share or sell users data to any third party.
Other attractive financial incentives include, no fees (international or over-limit), low interest rates and the company will reward extra points on every purchase. It means that you will receive a cash-back of 2 percent for purchasing any item using Apple card. Moreover, you won’t have to pay a single dime as an “fine” for your late payments and you can pay back the amount in weekly or monthly installments as you see fit.
Apple is also preparing to develop a real-world credit card made from titanium, which won’t have long card numbers, signatures or potentially identifying info of any kind. You can use your card without the fear of theft in any store, because all your information sits inside your Wallet app.
For now, we don’t know much about the Apple card’s functions, what it can do and what not, but we will soon find out. Earlier this month Apple also launched its two new devices, iPad Mini and iPad Air, featuring with 7.9-inch and 10.5-inch display sizes.