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Apple launches new credit card

Apple has partnered with Goldman Sachs to support the launch of its new credit card.

Apple Card users can sign up for it on their iPhone and begin using it in a few minutes. The simple interface allows people to track their finances.

The technology giant said: “Customers can sign up for Apple Card in the Wallet app on their iPhone in minutes and start using it with Apple Pay right away in stores, in apps or online worldwide. Apple Card gives customers easy-to-understand, real-time views of their latest transactions and balance right in Wallet, and Apple Card support is available 24/7 by simply sending a text from Messages.”

The Apple Card also claims to give two per cent cash back immediately into people’s accounts via the ‘Daily Cash’ tab in the app. If users buy Apple products they receive three per cent cash back.

The firm added: “Unlike other cash back rewards, Daily Cash is added to customers’ Apple Cash card each day and can be used right away for purchases using Apple Pay, to put toward their Apple Card balance or send to friends and family in Messages.”

For the new credit card, Apple is forgoing late fees, annual fees, international fees and over limit fees altogether. The tech giant claims it will charge users a “uniquely low-interest” rate with no penalty for missed payments.

It also hopes to present users with a number of payment options to help users pay less interest.

“Apple Card is designed with privacy in mind,” Apple’s Jennifer Bailey said, according to BGR. “With that said, Apple will never know what you bought or where you bought it.”

The physical card, which if used to make a purchase will provide one per cent cash back instead of two, has no card number, CVV security code or expiration date on it. All information is stored in the accompanying Wallet app.

Image: Screenshot from Apple video