Business

Tim Cook Confirms the Apple Card is Launching Soon

Apple's first foray into the credit card business promises transparency, efficiency, security and no fees.

31.07.2019 | by Reve Fisher
Photo by Apple
Photo by Apple

During the company’s quarterly earnings call, Apple CEO Tim Cook announced that the long-awaited Apple Card will be available to the public in August. “Thousands of Apple employees are using Apple card every day in our beta test,” the CEO said, explaining the company’s preparation for the card’s late-summer release.

Apple’s credit card has been built on the success of Apple Pay. According to Jennifer Bailey, vice president of Apple Pay, the card plans to help users improve their finances—an unusual promise for a credit card.

“Apple Card is designed to help customers lead a healthier financial life,” she stated in March 2019. “[This] 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.”

If Apple Card boasts all its promised features, this statement may not be far from the truth.

Unlike most credit cards, Apple Card will not have any fees. The website claims that there will be no fees of any kind, including annual fees, late fees, over-limit fees, cash advance fees, paper statement fees, credit limit increase fees, returned payment fees, balance transfer fees, reward redemption fees, hidden fees, and more.

Apple Card also encourages its users to pay less interest. When it’s time to make a payment, the higher the amount, the lower the interest rate until it goes down to zero.

The physical card itself will not have a credit card number, CVV security code, expiration date or signature, resulting in an increased level of security and privacy. It will be a piece of titanium with the user’s name etched onto it. Customers will also not need the physical card to purchase anything, as Apple Card can be used with just an iPhone anywhere that accepts Apple Pay.

Apple Card in the Apple Wallet app

Apple Card in the Apple Wallet app

Once connected to Apple Wallet, several features will be available to help users monitor their spending and rewards. Weekly and monthly summaries as well as spending trends will be clear, helping customers to figure out what to change in their spending habits. Rewards ranging from one to three percent cash back will be accumulated daily for all Apple Card transactions and immediately available for redemption through Apple Cash. If users don’t recognize a payment, they can click on the transaction and see a map with the location where the money was spent.

The company also plans to offer real-time fraud protection. Customers will receive an instant notification when unusual charges come up. If there is a problem, the user can immediately let the app know with a simple tap.

Join the discussion

Leave a Reply

Related Shakers

Related Shakers