Apple enters financial services market with privacy-first credit card

Apple enters financial services market with privacy-first credit card

Apple announced on Monday that it joined forces with Goldman Sachs Group in consumer credit to launch the Apple Card for iPhones. But, we can all agree that we have at least a bit more faith in Tim Cook.

This credit card on your iPhone will allow you to buy things just like the U.S. technology firm's Apple Pay. The Apple Card also offers a comprehensive and more precise range of its rewards program, unlike other existing credit cards.

"Apple Card is created to help customers lead a healthier financial life, which 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", says Apple Pay vice president Jennifer Bailey. By tapping on the card within the Wallet app, you can see your recent transactions, broken down by category with colors. What you choose to do with it is up to you, from using it toward another purchase or sending it to your bank account.

Can Apple really be a home for games?

Another unique feature that not only distinguishes the Apple Card from others but is also its biggest attraction is the Daily Cash rewards system.

But, why the sudden push?

There's a physical contactless Mastercard to go with it, as well as integration into Apple Pay - as well as other services like Fitbit Pay. Did you know that 70 percent of businesses in the USA accept Apple Pay?

The great thing about the Apple Card is that, compared to traditional credit cards, it will not have any late, global usage or yearly fees.

While the company touted its first credit card as a game changer, some analysts are not so sure. The new credit card from Apple is being run in partnership with Goldman Sachs, the card it launching in the United States this summer.

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Apple's Daily Cash gives you cash back each day.

Apple has announced four new subscription services as part of a star-studded keynote talk in California today.

Apple Card is at the core of the company's business transformation. Many experts say that 2% cash back will not be attractive at all. If your phone is stolen or lost, they can't access the card without your fingerprint or well, face.

Gene Munster and Andrew Murphy, managing partners of venture capital firm Loup Ventures, wrote in a blog yesterday, that Apple Card would be able to deliver a user experience around payments and personal finances that only Apple as a company could make happen.

Goldman has been courting consumers since the 2016 launch of its online bank Marcus, and with its first credit card it is targeting fee-conscious ones. "It shows that others are embracing our mission to make money management better, even if they don't offer full banking services and have a full banking licence like we do". Apple Inc. well-known in the industry for keeping its products secret until finished, did not reveal key pricing details for most of its new services, which eventually unnerved investors and pushed the share prices slightly down.

Having launched a swathe of new devices over the past seven days, including new iPads and updated AirPods, it's now unleashed some all-new services on the world. With traditional co-brand credit cards, retailers often negotiate lower swipe fees as well as revenue- and loss-sharing agreements based on the success of the programme.

Apple's new video service, Apple TV+, will also be free of ads and include original programming.

Not many years ago, Apple quietly released its TV app, previously called Videos, but many users weren't convinced by it.