Apple announced its new credit card, the Apple Card, at the company’s Show Time services event on March 25. The announcement followed reports in February that the tech titan had been working with investment bank Goldman Sachs on a joint credit card.
Below is all of the information we have so far about the Cupertino tech giant’s first-ever credit card.
The Apple Card Launches This August
Apple will start offering its new credit card to users in the US in August, CEO Tim Cook announced at the company’s third fiscal quarter earnings call on July 30. “Thousands of Apple employees are using Apple Card every day in our beta test. And we plan to begin the rollout of Apple Card in August,” Cook said.
How It Works
The card comes both in physical and digital form, living in both the wallet in the cardholder’s pocket and the Apple Wallet app on their iPhone. Apple says the Apple Card will have no fees, lower interest rates, better rewards, and provide a “new level of privacy and security.”
Apple Card customers will also receive cashback rewards through the Daily Cash feature, with a percentage of purchases being put straight back onto the user’s Apple Card. Purchases made through Apple Pay using the Apple Card recoup 2 percent, purchases from Apple will get 3 percent back, and purchases made using the physical Apple Card get back 1 percent.
The digital card can be used anywhere Apple Pay is accepted. Customers will be able to track purchases, check balances, and more right from the app, while Apple Card support is available 24/7 via text.
The Apple Card is the result of a partnership with Goldman Sachs, with Mastercard responsible for payment processing.
How to Get an Apple Card
To get an Apple Card, users can sign up via the Wallet app. It hasn’t been made clear how long the credit approval process takes (Engadget reported that it takes mere minutes), but we can assume the process will be like other cards. The difference is that once you you are approved, you have the card immediately in digital form in your Wallet app, with the physical version arriving later via post and free of charge.
Made of titanium and already being hailed as a Gen Z status symbol, the physical Apple Card has no card number, security code, expiry date, or signature for improved security, with all authorization information stored on the Wallet app.
To receive updates directly from Apple, head to the brand’s Apple Card landing page and click “Notify Me” in the top right corner.
On this episode of The Dropcast, we are joined by founder and creative director of 18 East Antonio Ciongoli, who gives us some wisdom on how to run an independent label today and talks about his past in menswear. Enjoy.