In September 2014, Apple introduced Apple Pay, its own payment system. Five years later, and after 10 billion transactions behind him, the Cupertino-based company goes one step further and launches Apple Card, its first credit card. After reaching an agreement with Mastercard and Goldman Sachs, the firm led by Tim Cook makes an important jump in the world of finance with a movement that aims to blow up the market.
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After ensuring that the experience with the credit card has much to improve, the Apple Pay vice president, Jennifer Bailey, presented Apple Card. A card without commissions, which we can request from the iPhone itself and use it almost immediately worldwide, which offers important advantages to Apple users in terms of transparency and privacy.
This is Apple Card
During the presentation of this credit card, Jennifer Bailey has shown that the Apple Card arrives to deal with applications that apply technology to improve financial activities, popularly known as Fintech. After presenting the product, the vice president of Apple Pay has demonstrated the interface of this new platform, which stands out for its simplicity. A platform from which we can see our payments, how much we owe to third companies and when will be the next payment.
With the aim that the user can access their data in the simplest way possible, from Apple they will change the name of the concepts so that you can see clearly where each data comes from. But not only that. The expenses will be grouped by categories. That is, you can see how much money you spend on travel, clothes or food, for example. All this to help the user save as much money as possible.
“Every day we will refund money”
In fact, every time you use the Apple Card to pay, you will receive money. All this thanks to the Daily Cash program, through which we will receive a 2% return each time we buy any product with our card and 3% in case we use it to buy Apple products: “Every day we give you money back”.
On the other hand, the company promises that there will be no annual fees. Neither to pay late, nor for international payments, nor if you pass the credit that you had assigned. In short, Apple’s credit card comes to address the Fintech apps and help customers lead a healthier financial life.
Apple Card and privacy
Regarding privacy, from the company they explain that neither Apple nor Goldman Sachs will have access to information about the purchases we make with the credit card: “Apple does not know what you buy, when you buy it and how much you pay for it”. Therefore, everything is saved on the iPhone itself and is not uploaded to any server.
In order to guarantee the long-awaited privacy, Apple has also developed a physical credit card. A card that has no number, security code or expiration date, which only has the Apple logo, the chip and the name of the carrier. That is, a much safer card than conventional ones, since it is completely private and digitized.
Finally, with regard to the availability of Apple Card, from the company point to arrive in the United States this summer. Therefore, we will still have to wait to enjoy this service in Spain, which aspires to be revolutionary.