Apple on Monday announced its own credit card called Apple Card at an event in Cupertino, California. The card can be used for services online and in stores. The company has partnered with Goldman Sachs to bring out this new suite of functionality. Apple Card also offers a clearer and more compelling rewards program than other credit cards with Daily Cash, which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day. In addition to the new Apple credit card, Tim Cook also announced a subscription gaming service called Apple Arcade, a new streaming service called Apple TV Channels, a subscription news service called Apple News+.
The Apple TV+ service—an on-demand, ad-free subscription service launching this year in 100 countries—will compete with services such as Netflix and Hulu with Apple investing heavily in its own content, while upgrading its TV application for third-party services.
“We believe deeply in the power of creativity,” Apple chief executive Tim Cook said at the event at Apple headquarters in Cupertino, without revealing key details. “Great stories can change the world. We feel we can contribute something important to our culture and to our society through great storytelling,” he said.
Apple has also designed a titanium Apple Card for shopping at locations where Apple Pay is not accepted yet.
How to sign up for Apple card?
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.
How does Apple card work?
Apple Card provides weekly and monthly spending summaries. “The Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations. Purchases are automatically totalled and organized by color-coded categories such as Food and Drinks, Shopping and Entertainment,” according to the company.
What does Apple charge for the card?
There are no fees associated with Apple Card: no annual, late, international or over-the-limit fees. Apple claims to provide interest rates that are among the lowest in the industry.