The Apple Card is Apple's new non-annual credit card service that promises to make life easier for iPhone (iOS) users. The card will be available in the smartphone Wallet app and can only be used with contactless that is, just enter the app and approach the phone on the machine to make the payment. However, it is important to check if the merchant works with Apple Pay to make the transaction. The novelty has a physical card, which is made of titanium, and has a very different design from traditional. That's because the Apple Card does not display numbers and data, which promises to provide more security to your personal information.
There is still daily cashback (daily cash) of 2% or 3% on all purchases of Apple's own products or services. Another novelty is the possibility to make purchases straight from the app even without having Internet. The technology arrives in the United States in the middle of this year, but is not expected to reach Brazil. In the following lines, check out a list of ten questions and answers about the Apple Card produced by the dnetc.
Meet the Apple Card, the new iPhone credit card service
Apple Card has a different design and does not contain user data. Photo: Disclosure / Apple
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The Apple Card is an Apple own digital credit card with the MasterCard banner. The news is that the card is not bank-linked and is therefore quite different from the barclaycard Visa, which was the first card with which Apple entered into a partnership, the Apple Rewards. The difference also is that the Apple Card can be physical and fully digital as well. Thus, the user no longer has to carry the credit card everywhere.
Apple Card to have expense management reports Photo: Divulgao / Apple
2. How do I get the Apple Card?
The news arrives in the United States in the middle of 2019, but is not yet expected to reach Brazil. When launched, simply download the Wallet app, which is available from the App Store. Next, the user must provide their details to register with Apple Pay. Approval time may take a few minutes or hours. If there is an excessive delay, you can contact Apple Support. For the physical card withdrawal, just go to a nearest Apple store.
3. Does the card work safely for the user?
Yes. If you prefer to use the Apple Card over the phone, s sign in through Wallet and unlock the app through Touch ID (fingerprint) or Face ID (face recognition). Then bring your mobile phone closer to the card machine to make the contactless purchase. Therefore, the establishment does not have access to your data. The physical credit card, which has a clean design made of titanium, does not contain user numbers or data, a measure taken precisely for security purposes. This information is stored in the Wallet app which, it is worth mentioning, can only be unlocked with the fingerprint or the person's face.
Use contactless to shop Photo: Divulgao / Apple
4. To have the Apple Card, do I need an iPhone?
Yes. Only with an iPhone you can have the Apple Card, because the card information is stored in the Wallet app, which is only available for Apple mobile phones. Therefore, Android smartphone users cannot have either the digital card or the physical one.
5. Can it be used abroad?
The Apple Card can be used overseas and is not subject to the IOF (Financial Operations Tax) charge, which is a fee charged by the credit card when used outside the country. However, it is important to verify that the merchant works with Apple Play to make the transaction. Otherwise, payment is not possible. This factor may leave the use of the credit card somewhat restricted.
6. Is there a points program on the card?
There is the Daily Cash points program, ie daily cash. The Apple card offers 3% off App Store purchases and iTunes downloads, and 2% back on all other Apple Pay purchases. When using the physical card, the user gets 1% back. This percentage becomes cash, which is automatically deposited in the user's account. You can transfer the amount to someone who has the Apple Card, or simply spend whatever you want with Apple Pay. Nevertheless, it is important to mention that purchases must be made daily to have a significant accumulation.
The idea is to retain the user as a customer to buy with the card, since he can redeem the percentages in the form of cash in cashback to spend as you please. The service is offered by a partnership of Mastercard and Goldman Sachs Bank.
7. What are the interest rates?
The rates are not the most affordable in the market. According to Apple, the APRs (Annual Percentage Interest Rate) ranged from 13.24% to 24.24% in March this year, so that may change at the time the card is released. Despite this, the company promises to try to eliminate the fees, so that the user can accumulate money with Daily Cash transactions.
8. How can I see my interest rate during invoice payment?
Before you pay your invoice, Apple shows you a payment suggestion wheel that tells you how much interest accrues based on how much you pay. This way, the user can choose the amount he can pay in the month. If you are unable to make full payment of the invoice, you can select the desired amount so an interest rate will be charged next month. In this option, the application should provide customers with enough clarity: if you fail to pay any invoice amount, the wheel will turn red and the interest rate will be just below the final amount to be paid. This same wheel may turn green when the user makes the full payment of the bill.
Choose the amount you want to pay from your Apple Card Photo: Divulgao / Apple
9. Where can I track my transactions?
Everything the user needs to see is within the Wallet app, including the payment due date, transaction history, and parser spend. Apple also codifies spending categories so that it is easy to identify trends in their own spending. For example, the company has found that much of the shopping is in department stores so you can more easily see what the person is spending the most money on, and reflect how savings can be made over the coming months.
Check out your iPhone Wallet app to keep track of your spending Photo: Divulgao / Apple
10. What if I lose the Apple Card?
In case of loss or theft, Apple will provide a button in the Wallet app so that the user can cancel immediately without any headache. Then just request a new card. If the phone is lost or stolen, the manufacturer warrants that the use of the card is only permitted with digital to unlock the Wallet app, where the Apple Card is located.
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