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Apple releases its own credit card (without commissions): this is how Apple Card works

Apple has introduced a new service that few expected: your own credit card. It’s called (surprise) Apple Card and it’s a new way of paying and analyzing everything you spend day to day. The service at the moment will only be released in the US this summer, but it is expected that throughout this year it will be launched internationally. At the moment there are no clues about when I could get to Spain, but some clues about how it will work.

The first steps: How to start using it?

To begin, just request the card from the iPhone and start using it immediately worldwide. Apple has partnered with Goldman Sachs as the issuing bank and with MasterCard, from which it will use its global payment network, to ensure that it has the financial plumbing flank covered. The Apple card you can add it to your iPhone and see in a simple way and at a glance all the cats you make.

It is supposed to be one of the strengths of the Apple Card: the interface, the simplicity to understand at a glance in your extracts everything in which your money is going. There will be several categories (restaurants, trips, supermarkets) and everything will be identified visually, with graphics included. So far, well, but nothing that some banks or startups do not already offer.

But here comes one of the interesting new features of the Apple card…

It will return money every time you buy with it, and it will be every time you use the card, regardless of the business in which you do it. It is common in the US, where credit card companies have established these programs, but we will have to see how this translates to Spain when it arrives that, seeing what Apple Pay took, it might not do so until 2020. The money back is a program that Apple calls Daily Cash: if you use it to buy through Apple Pay, you will receive a 2% return. If you use it to buy Apple products, 3%.

Another important news

Apple promises that there will be no annual fees, or late payment, or international payments, or if you pass the credit you had assigned. He also said that the card would charge users lower interest than the other banks, but did not specify a specific number at the moment.

The card is virtual, but it also exists in physical format, as you can see in the official video above. For those who want to have it, it is an aluminum plate but they do not have a card number on the front, no CVV security number behind, no signature, no expiration date. All that information is stored securely in the ‘app’. If you use the physical card instead of the virtual card stored in your mobile, you will get only 1% of money back. When is the Apple Card in Spain? Have to wait.

Published inFintech

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