Saturday, March 30, 2019

Apple Card - Everything You Need To Know - SingleWindowTech

Apple Card
The lightest and thinnest symbol of time is out now and you may call it with Apple Card. The Apple Credit Card holds the functionality of the transactional business and will be the next biggest happening in the town after the discovery of cryptocurrencies. Nobody ever imagined that this money card system will evolve at a faster pace. Apple is making itself the biggest and most trustable company users can lie upon for their love for gadgets.

There's a lot of talks in the town about the new Apple Card, so here are some details on what you can expect when it launches in the fall.

Also read: iPhone 11, iPhone 11 Pro, iPhone 11 Pro Max Launched; Prices Start at $699

Apple Card Features Highlights

  • Up to 3% cashback on every purchase.
  • No fees and hidden charges.
  • Worldwide acceptability (Where ever Mastercard is accepted).
  • Beautiful Titanium physical card with your name printed on it with a laser.
  • Easy expense tracking.
  • Clear transaction labeling.
  • Map feature to recall a forgotten transaction.
  • Tight privacy.
  • A wide range of APR.
Also read:  Apple Watch Series 5 Launched with Always on Display; Starting at $399

How To Get Apple Card / Sign Up for Apple Card?
According to Apple to get an Apple Card, users will be able to sign up on their iPhone in the Apple Wallet app and follow the steps to get a digital card that they can use anywhere Apple Pay is accepted “within minutes". Once the sign-up process gets completed, it can be used immediately for digital payments.

Apple Card in Wallet

Apple says there will be some kind of pre-qualified application process and the availability is subject to credit approval. Like other credit cards, you need to qualify for Apple Credit Card also.

There is a physical card which can be used at places where Apple Pay is not present. Interesting to know here is there is no Credit Card Number, No CVV, No Expiration Date or Signature. For this, you need to wait until Apple ships you the physical Apple card.

How To Use Apple Card with Apple Pay?

Pay with Apple Card

Apple Card is like any other debit or credit card stored in the wallet. You can set it as the default card for in-store purchases on iPhone and online purchases on Apple Watch, iPhone, iPad, and Mac.

How To Use Apple Card for Non-Apple Pay Purchases?

There are places where Apple Pay isn't available. For payments in such places, you can use the physical card that Apple sends after you sign-up. In addition to Goldman Sachs, Apple is partnering with Mastercard so the physical Apple Card can be used wherever Mastercard is accepted. Not to mention here that Mastercard is quite popular around the world so acceptance of Apple Card should not be an issue.

The Apple Card - Physical Card

Apple also sends a physical card to the customers who completed the sign-up process for Apple Card. Since this is designed by Apple, this one has to be one of its kind. 

This card is made from Titanium which has your name printed with the laser on it. Talking about the front part there is no card number of expiration date printed like other credit cards. Like the front, the back also does not have the CVV or the signature part. If somehow this card gets stolen, there is no way to use it at least for online purchases. 

For traditional purchases, there is a magnetic strip on the back along with the chip. As mentioned above, the card number and CVV are not printed on the card, you can always get them in the Wallet App if needed.

When you receive your Apple card, to activate the same you need to tap to the iPhone to activate it. It works like Apple Airpods pairing. But tap-to-pay or contactless payment won't work with the physical card. To do so you always have to use your iPhone for Apple Pay payments.

Like Apple said, there is no cost associated with this card, you don't need to worry if you lose it. You will get a replacement at no cost.

How much Credit will you get?

Like other cards, credit limit depends on the person's credit score. Higher the credit score, higher will be the limit. Also, the credit limit may increase over time.

How to make payments for your Apple Card?

You can clear your Apple Card balance with your linked bank account or Apple Cash in the Wallet app.

What Fees You need to Pay?

As Apple says, there are no fees for Apple Card. There are no annual charges, late payment fees, international transaction fees or fees for exceeding your credit limit. 

Being said that, there are no late payment fees, but if you make a late payment or miss out on one payment, Apple says this will result in "additional accumulating toward your balance." That means making a late payment will not result in late payment charges but you have to pay interest on the outstanding balance and paying late will impact your credit score, but interest won't increase.

There are no international transaction fees but the exchange rate for foreign transactions is determined by Mastercard.

How much Interest you have to pay?

According to Apple, the Apple Card will offer an Annual Percentage Rate (APR) between 13.24 percent and 24.24 percent. This will be totally based on your credit score. So this card is going to benefit those with higher credit score. 

Apple is offering a wide APR range so that this card can be issued to individuals with lesser credit score also. But in that case, for failed payments, a higher APR will apply.

What Rewards you will get with Apple Card?

Instead of a points-based reward program, Apple Card gives cash back rewards in the form of Daily Cash, which is applied straight to your Apple Card to spend or put toward your purchases. Apple is offering 2 percent cash back on purchases made through Apple Pay using an Apple Card, and purchases from Apple will get 3 percent cashback. Purchases made through the physical card will get just 1 percent cash back, though. All of the spending tracking and other information is stored directly on the device, not Apple’s servers.

Buy things in stores, on websites, and in apps. Or make a payment on your Apple Card. Or pay back a friend in Messages. Or send it straight to your bank account and watch it add up. The money on your Apple Credit Card can be spent using your iPhone, iPad, Apple Watch, and Mac
  1. Get 3% back on everything you buy from Apple, whether you buy it at an Apple Store,, the App Store, or iTunes. That includes games, in-app purchases, and services like your Apple Music subscription and iCloud storage plan. 
  2. Get 2% back every time you buy something using Apple Pay. That’s in every category, with no limits. Imagine all the things you use a credit card for every day — at Target, Walgreens, Lyft. You’ll get 2% back on just about everything. 
  3. If you happen to come across a store, website, or app that doesn’t take Apple Pay yet, Apple Card still gives you 1% of your purchases back in the form of Daily Cash.

Tracking your Expenses

Transactions made with Apple Credit Card are clearly listed in the Wallet app. You can identify your expenses with the following features clearly.

Expense Tracking in Apple Wallet

  • Tap for a weekly summary or Tap for a monthly summary. When you want to see how much you’re spending, there’s no need to log into a separate website or app. Your totals are laid out for you in the Wallet app, by week or by month.  
  • Colors: Apple Card makes it easy to spot trends in your spending so you can decide if you want to change them. See a lot of orange bars? That’s things like lunch and coffee. Green? Must be those tickets of your last vacation.
  • Maps: There’s no easier to pin down your spending. Wait, where’s that $46.32 charge from? Apple Card uses Maps to pinpoint where you bought something. No mysterious merchant codes. No guessing. Just the store name, along with its location on a map. Helpful.
  • Food, Shopping, and entertainment: See where it all goes at a glance. Tap Food and Drinks to view a list of purchases from places like Whole Foods Markets, Dunkin', and DoorDash. Or Entertainment to see what you’ve spent on movies, concerts — even your Apple Music subscription. You can also tap a merchant name to see all your purchases from them.

Daily Cash 

Apple Card Daily Cash

That’s even easier to spend than cash. Whether you’re grabbing a coffee or reserving flights, Apple Card gives you Daily Cash on every purchase you make. And there are no limits on the amount you can get. It goes straight to your Apple Cash in the Wallet app.

How to use Daily Cash?

It solely up to you how you want to use this cash. There is no restriction. Seriously. The Daily Cash which is transferred to Apple Cash in the Wallet app can be used for Apple Pay purchases can be sent to friends and family using the Apple Cash feature in Messages and can be transferred to your bank account at no extra cost. 

Transferring to the bank may take one to three days to reflect the transferred amount in your statement but there is an Instant transfer feature which skips this time but it is going to cost you 1% of the total amount being transferred. The minimum fee for Instant Transfer feature is $0.25 and the maximum fee is $10.

No Need To Worry about Fraud Transactions

Apple Card Purchase Notification

When you make a purchase with Apple Card, you immediately get notified about it. If you don't recognize that transaction you can immediately report it to Apple. There is no need to look for any phone number or website to report the fraudulent transaction. It is right there in the notification that you received. As Apple says you have zero liability against this card. Once you report such transaction Apple is going to take it further. So no need to worry.

Online Transactions with Apple Credit Card

As we discussed previously in this article that Apple Card has only your name printed on it. The question arises here is how to use it for online purchases which require a card number, expiration date, and CVV. 

Well, this data can be found in the Wallet app. For this type of Non-Apple Pay transaction, Apple card is able to generate virtual card numbers and a virtual confirmation code. 


Apple creates a unique credit card number for Apple Card that is being added to the Wallet app like other credit or debit cards. All the payment are confirmed with Face Id or Touch Id along with one time unique dynamic security code.

This means Apple does not know which stores a customer shopped at, what was the amount and what was purchased.

Goldman Sachs will not sell data for marketing purposes. This was on the keynote slide but there were some additional questions about it. The data that they see can be used for internal reporting but cannot be used for external or internal marketing or advertising. That goes for third parties as well. Though some regulatory or operational partners will need to see or transmit some data, all of that must be related to operating Apple Card only, not marketing or advertising.

Availability and Launch Date of Apple Card

Right now the plan is to launch Apple card in the United States. But more countries could be added in the future. However as said earlier, Apple card will be able to be used worldwide where Master card is accepted.

Talking about the launch date, there is no specific date for this but could be launched sometime in the summer.

If you feel we missed out something on Apple Card in this article, please comment right below. Feedback and suggestions are most welcome.

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