![]() You can use this for non-Apple Pay purchases online or over the phone. Instead, Apple provides a virtual card number and virtual confirmation code (CVV) for the card in the app.The app displays the last 4 digits of the card number that is on the mag stripe of the card only, you never see the full card number. The physical Apple Card, of course, has no number.Though Apple said that the app would display your card info during the event, they weren’t specific on what that info would be so I got some more detail here. Perhaps the biggest security feature of the offering is that Apple Card can generate virtual card numbers for online non-Apple Pay purchases. If you’ve got a tap terminal, you’re supposed to use Apple Pay. The physical Apple Card does not support contactless payments. ![]() Though some stores may still ask to see ID, lack of a signature anywhere within Apple Card’s system shouldn’t be a roadblock to using it. A network change a few months ago means that signatures are not required at point of sale for any credit cards. Neither the physical card nor the app will display a signature. Apple Cash is not required to pay your bill, though cash back earned or any other money you have in there can go towards your balance if you desire.Īpple Card does not require or display signatures. You can pay your balance via ACH from a bank account or via Apple Cash. This isn’t some incredible re-imagining of how to offer credit or an intensely low interest option, but it could shift you to the bottom of a tier when you qualify instead of paying a few points higher at your ‘exact’ score. While Apple Card’s interest rates fail to break the mold in any major way (they are roughly between 13-24%), Apple will place users who sign up at the lower end of the tier that they land in due to their credit score. It will impact your credit score, as Apple does do standard reporting, but neither Apple nor Goldman Sachs will increase your rate due to late payment.Īpple will place Apple Card users at the low end of their interest rate tier. You will continue to pay your agreed upon interest rate on your outstanding balance, but that rate will not go up. Apple Card has no late fees and no penalty rates. Penalty rates are an increase of your interest rate if you fail to pay on time. There have been some reports that Apple Card will charge penalty rates, largely due to some required regulatory legalese. There is no penalty interest rate on Apple Card. You can see signs of this in the current Apple Card animation in SharingViewService /fq7dFZV7bb The activation takes place with a pop up view of the card and an activation button, similar to the pairing process of AirPods. Here are some interesting bits.Īctivating a physical Apple Card will happen with a tap of the iPhone to the card. The cash back is delivered daily to your Apple Cash balance or to the card monthly as a credit balance if you don’t have or want an Apple Cash account.īut beyond those basics, there are still a lot of questions about some aspects of the way the card works. The physical card offers 1% cash back, the virtual card offers 2% cash back on Apple Pay purchases and 3% back on purchases from Apple. The app companion categorizes purchases automatically, shows you where they were made and has a design that makes it easy for you to see interest charges, spending and cash back. It’s a virtual card and physical card that can be used for both regular and Apple Pay purchases at any place Mastercard works. We’ve already posted the basics here so I won’t go over them at length. The basics of Apple Card are pretty straightforward. Yes, this is a V1, and Apple is going to be iterating on the concept with new features and benefits. This week, we got to see what Apple thinks is a solid ‘version 1’ of its credit card offering. Once Apple launched Passbook, it became extremely clear that it was headed towards this end game, with stops along the way for loyalty cards, coupons, external credit cards and ticketing. In some ways, Apple getting into the credit card game was one of the tech world’s biggest finally’s. ![]() Some of the benefits (and caveats) of Apple Card are worth examining a bit more. Though I’m not a financial reporter, I did used to cover payments and I’m a huge points hound. Consumers, tech press, financial press and Wall Street were all intrigued for various reasons.īut there are still a ton of questions around the way it works mechanically, the terms involved for consumers and its overall benefits. One of the most buzzy announcements on Apple’s stage this week was Apple Card, its in-house credit card powered by Goldman Sachs and Mastercard.
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