When Apple announced it would be releasing its very own credit card back in March, consumers went crazy. Now, the wait is nearly over. Following an announcement in the company’s third fiscal quarter earnings call, it’s official that Apple Card applications will be available in August.
There are currently thousands of Apple employees using the card to test it and help eliminate any glitches in the system. The recent news suggests things are going smoothly since applications for Apple Card will be available any day now.
It’s no secret that Apple users like to flaunt their tech. So, the new titanium Apple Card will be a nice addition to their wallets. For those who live a more digital life, Apple Card will also come in virtual form via the Wallet app and Apple Pay.
Contrary to almost all other credit cards, this one won’t feature a card number or CVV code. Instead, a random number will be generated for every purchase. While this might seem like a headache, it will actually help ensure transactions are more secure. It also means the card won’t have an expiration date.
The system is directly in line with Apple’s recent push towards increased user privacy. It won’t even know what users purchase or how much they spend on what they buy. All that data will be stored locally on their device.
Meanwhile, Apple Card is a great choice for anyone who hates fees. Thanks to a partnership with Goldman Sachs and Mastercard, it will be free of late fees, annual fees, foreign transaction fees, and over-limit fees. Users will also see moderately low APR rates ranging from 13-24 percent.
Although a titanium card and no fees are attractive, that’s not all Apple Card has going for it. Users will benefit from a generous rewards program that will keep the card competitive with others in the market. While it isn’t the best rewards card out there, it will serve current Apple users well.
Apple Card will reward purchases made through Apple pay with two percent cash back. This relates to the company’s larger effort to make its mobile payment system mainstream, instead of just something tech enthusiasts use. Meanwhile, users will get three percent back on purchases at the Apple store.
On the purchase of a $1000 new iPhone, that will equal enough cashback to basically get a free case or other accessories.
Applications for Apple Card will be available in the Wallet app in August. While it’s not yet clear exactly when in August they’ll be available, a shiny new Apple Card will be a great way to salute the end of summer.
The entire idea of a tech company, not a bank or retail store (yes, that includes Amazon), launching its own credit card is novel. Should Apple Card flourish, it wouldn’t be a surprise if more companies follow suit. For now, Apple users should get excited for what should be a promising new addition to their wallets.