Published: Fri, August 09, 2019
Electronics | By Kelly Massey

International Business: Apple, Goldman Sachs start issuing Apple Cards to consumers

International Business: Apple, Goldman Sachs start issuing Apple Cards to consumers

The Cupertino-based company started to roll out the Apple Card, but it will only be used by select users for now. Something that's all the more impressive for Apple given that it lags some leading card industry players in perks like offering a sign-up bonus, which suggests that the Apple brand alone is nearly strong enough to sell the card, along with an expectation of ease-of-use, consumer-friendliness and of course the company's stance on privacy.

The Apple Card isn't your typical credit card: Apple (AAPL) is reinventing itself so it no longer depends exclusively on the iPhone, and the latest example of this change comes via the tech giant's new Apple Card credit card. You will need to enter personal information before applying for the service and seeing your April and credit limit if approved. The cash reward will then be available nearly immediately, and a one to three-day transfer to your bank will be free. You just also have to accept that you'll probably need to watch 10 minutes of video to know how everything works and that you'll probably never leave the Apple ecosystem.

The "virtual card" lives inside the Apple Wallet and functions as contactless payment system, Wired said.

To activate the titanium card, tap the NFC sticker supplied in the box on your iPhone. However, using the physical version of the card will give users an "infinitesimal" one percent cash back on purchases. Customers who applied to be notified will now get a chance to apply for the card in their wallet app going forward.

Apple Card uses Machine Learning (ML) and Apple Maps to clearly label transactions with merchant names and locations.

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Apple (NASDAQ:AAPL) released its new credit card, called the Apple Card, which comes with colorful features, cash back offerings and the promise of privacy.

That would add about 1.8% to Apple's overall earnings and complement the much larger Apple Pay business for total payments revenue of $5.38 billion by 2023.

The interest rates fall between 12.99 and 23.99 percent, which is on par with other credit cards.

"Apple has already rolled out digital transit cards to replace metro tickets in Beijing and Shanghai". A number of states also have laws on the books that prohibits the use of credit for items like casino chips and lottery tickets. Now, it is moving into the credit card industry.

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