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Apple Card: Everything You Need to Know

The modern technology giant keeps evolving day by day with system updates, additional services, and new fascinating projects. From the iPhone and classic iPod to the iPad, Mac laptops, Apple TV, Apple news, iTunes and Airpods. Apple just raised the bar even higher by creating a credit card.

So Apple has done it once again, and it’s got us scratching our heads. You probably heard the new project Apple has been working on, but if you haven’t, we got your back.

The Apple card aims to change the whole credit card philosophy. Representing the company’s own values such as simplicity, transparency and most importantly, privacy. Unsurprisingly, this move makes the iPhone more valuable to its loyal users.

So… What is the Apple Card exactly?

Essentially, the Apple card is a virtual credit card which will be stored in your Wallet app on your iPhone. (So yeah, if you don’t have an iPhone you gotta buy one). By signing up you can then make transactions the same day, and therefore your card will basically always be on you if you have your phone.

A few days after applying, you should also receive the physical and fancy titanium card in the post. Although it has the shape of any other credit card with your name on it. There won’t be numbers anywhere on your Apple card. 

Your personal details will be in your Wallet app and you’ll be able to pay at any contactless or NFC terminal. So for extra security, Apple will only print your name on it. How cool does this look?!

Now, you might think that this is not a big deal but Apple promises that you will be paying less interest and also offers cashback. Many banks give you points when using their cards and services, or enter you in a vacation lottery.

Apple, however, literally gives you cash-back for every purchase you make.

Whenever you buy something with your Apple card, you will be getting at least 1% of your purchase back. But it doesn’t end there.

If you decide to buy anything through Apple Pay via your Apple card. Then you will receive 2% back in cash, and if you do that in an Apple store or via any Apple-owned online stores such as iTunes. You will be getting 3% cashback!

But wait… Isn’t this similar to Apple Pay and Apple Cash?

Well, not really. All three services (Apple card, Apple Pay and Apple cash) will be stored in your iPhone’s digital wallet. But each one has a different purpose.

Apple Pay is the system in which you can make digital payments using your iPhone.

With Apple Pay, you basically never physically need your credit cards to make a physical payment. Google and Samsung have a similar service called Google Pay and Samsung Pay respectively.

All you need to do is put your card details (either debit or credit. It works with both as well as you Apple card) into the Apple Pay app. After doing so, you are basically ready to make purchases either online or in stores with your iPhone instead of looking for your card.  

Apple says “Using Apple Pay with your iPhone or Apple Watch is faster than using a credit or debit card.” 

The authentication Apple Pay needs in order to work is either your Face ID, your fingerprint or your passcode so that it can verify your identity. In stores, you just have to hold your iPhone above the NFC payment terminal until a confirmation pops up.

Similarly, For buying things online you will be asked to verify your identity and then the purchase will be completed automatically.

Moving on to Apple cash now, very simply put, you basically text people money. How awesome is that?! (Unless you send drunk cash-texts to your ex…)

Apple cash is a service provided within Apple pay, where you can send or receive cash via iMessage. It works across iOS devices like iPhone, Apple Watch, iPad, and Mac.

In order to use Apple cash you must be a US resident over 18 years old, have iOS 11.2 or later and if you have an Apple Watch, WatchOS 4.2 or later.

To use this service, you must also be signed in to iCloud on each device you want to send and receive money through. You then create a request in iMessages and confirm with Face ID, Touch ID or your passcode.

When you receive money from someone, it will be automatically stored in your Apple cash card in the Wallet app. This money can then be used to buy stuff in stores, apps or online, and you can also transfer it back to your bank account or Apple Pay account.

Any shopaholics out there? This could be for you…

In order to make it even more interesting, Apple card aims to create a “healthier financial life” for its users. The Wallet app will be able to show you the exact location where your card has been used, including images from Apple Maps. 

It also offers a weekly and monthly statement just like banks, but this is Apple, so it will give you more than that.

All purchases will be tracked and put into categories so that you know if you are overspending money on clothes, groceries, or restaurants (although we believe unlimited pizza purchases should be fine). 

You can then compare your spending each month and be more careful if you are overspending, and it will even remind you if you have a standing payment each month.

Continuing, many credit card statements will fixate on your minimum amount due on your card. How depressing…

But with Apple card when you’re ready to make a payment it estimates the interest you’ll wind up paying in real-time, based on any payment amount you choose. Therefore, you can make an informed decision about how much of your balance to pay down.

Have a question? Just text Apple.

With the Apple card, if you want to change your card details or address, for instance, you can just text them straight away. No more calling the bank and being kept on hold for 83 years. 

Also, with the Apple card, you shouldn’t be afraid of having security issues. Apple stated that your card will have a unique number that is stored on your device. Every payment you make will use a one-time code that helps to keep the card protected. And will also need touch ID or Face ID to be completed.

Now, we know what you’re thinking. Apple is not a bank, right?

Their collaboration with Goldman Sachs aims to make our lives easier by bringing this project to life this August, and we honestly can’t wait!