Apple credit card was announced five months ago. The card is now available. However, it is not accessible to everyone, yet.
There are hundreds thousands of people who have signed online to get the notification, once the credit card is available. Yet, Apple has randomly selected a limited number of them. Apple invites those selected people to apply and use the new card on Tuesday. If the trial is successful, Apple will roll the card out later this month.
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What is it?
Apple Card is an Apple-branded credit card issued through Goldman Sachs. The card runs on Mastercard’s network. Besides, the card is only available to iPhone users. It works similarly to any other credit card. Users can use the physical card at all the usual places, as well as inside the Apple Pay feature. If they use it on Apple pay they can make contactless payments with an iPhone.
Apple has teased the card in March. It promises to give a 3% cashback on Apple products. That includes iPhones and software subscriptions. Moreover, it will also give a 2% cashback on any Apple Pay purchases and 1% on all other purchases.
Apple’s cashback percentage on Apple products is lesser than other cards, including those offered by fellow tech giants. Take Amazon, for example, it offers Prime members 5% on all purchases using its branded card on its platform. Besides, Uber offers 4% on dining.
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Apple said that Goldman Sachs will oversee its customer data and transactions. However, Apple assures that the bank would not misuse the data or sell it to third-parties.
The Physical Card
The use of the physical card is optional. Yet, it is free. People only need to sign up to get the card. The card has a typical Apple look. It’s white, made of titanium and has Apple’s logo on the top left. It’s slightly more substantial than a typical credit card and it doesn’t display any credit card numbers.
To activate the card, you’ll need to tap it with an iPhone. The device will receive a notification and walk you through the set-up process. However, those who want to use the card need to activate it with fingerprints or face recognition.