During today’s event, Apple unveiled its own credit card which it promises will completely rethink everything about the credit card, from applying to spending. The card, which has been created in partnership with Goldman Sachs and MasterCard, will also come with no fees – that means no late fees, no annual fees, no international fees, no over limit fees, and no penalties for missing payments. APR rates will range from 13.24 percent to 24.24 percent based on your previous credit history.
Applications for the card will be handled through the Apple Wallet app on the iPhone, allowing a digital card to be obtained within minutes. A physical titanium card will also be available, but it won’t have a card number, CVV, expiration date or signature. Instead, all that authorisation information will be stored on the Apple Wallet.
Apple will also use machine learning to help you keep track of your spending, automatically labelling and categorising your purchases.
Rewards will take the form of “Daily Cash” – a cash back incentive that will offer 2 percent cash back on Apple Pay purchases and 3 percent cash back on purchases from Apple. Using the physical card will get you just 1 percent cash back.
The card will be available this summer.