Apple’s Credit Card Introduced

Tim Fujio
  • March 26, 2019
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Image: Apple

Apple in partnership with Goldman Sachs and Mastercard has introduced a credit card called Apple Card. 

Designed to “help customers lead a healthier financial life”, Apple Card is made specifically for the Apple Wallet app and Apple Pay.

“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.”

With roughly 252 million Apple Pay users worldwide, 10 billion Apple Pay transactions are predicted for 2019. 

Available on the app store, users who download Apple Wallet will be able to see transaction activety, balance, payments due, the locations of transactions, and more.

Users will receive 2 percent in cash back per Apple Pay transaction and 3 percent on purchases made at the Apple Store and or other Apple services. The cash credited on the day of the transaction. There are no annual, cash‑advance, over-the-limit, or late fees.

In regards to security, a unique card number is generated and securely stored for Apple Card. Each purchase is secured using Face ID, Touch ID and a security code. 

“Simplicity, transparency and privacy are at the core of our consumer product development philosophy,” said David M. Solomon, chairman and CEO of Goldman Sachs. “We’re thrilled to partner with Apple on Apple Card, which helps customers take control of their financial lives.”

“We are excited to be the global payments network for Apple Card, providing customers with fast and secure transactions around the world,” said Ajay Banga, president and CEO of Mastercard.

There is also a titanium Apple Card available for shopping at locations where Apple Pay is not accepted yet. Lacking a visible card number, CVV security code, expiration date or signature on the card, Apple states that the Apple Card is “more secure than any other physical credit card”. 

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