Apple Launches a Titanium Credit Card With Zero Fees

Apple Launches a Titanium Credit Card With Zero Fees

That's right, Apple is getting into credit cards.

The card, which will be issued by Goldman Sachs Group Inc and will use the Mastercard Inc network, will come with new features in the Apple Wallet to help users track their spending with a breakdown of monthly purchasing.

To entice users to use the Apple Card, Apple will also "return" users daily cash through the Apple Card. That's because Apple wants you to use your Apple Card just like you use Apple Pay: on the phone itself.

"For those who routinely shop at local neighborhood bodegas or other establishments that don't have Apple Pay, you can expect only 1 percent back on your purchase ― an amount easily beaten by other cash back cards with no annual fee", she said.

By design, Apple Card helps customers understand and track their spending. Purchases are automatically totaled and organized by color-coded categories such as Food and Drinks, Shopping and Entertainment.

Physical cards and services provided by Apple in collaboration with Mastercard and Goldman Sachs. Already, 70 percent of all Millennials used a mobile device for their credit card (though only 16 percent are using Apple Pay).

In keeping with EMV standards that are now commonplace across the United States, purchases are authorized by Apple Wallet with a "one-time unique dynamic security code" and authorized by the user with Face ID or Touch ID verification.

Apple Inc. CEO Tim Cook speaks during a company product launch event
Apple Inc. CEO Tim Cook speaks during a company product launch event

It will also show users a variety of repayment options and what each will cost them in interest, which Apple said would help encourage customers to make more than just minimum payments.

Apple is offering Apple Card as both a digital service stored in Wallet and an actual physical card for use where Apple Pay isn't accepted. So minimal, in fact, that there's no printed credit card number, expiration date, or CVV security code.

Apple Card is slated to arrive this summer. The physical titanium card only has a chip, along with a laser-etched Apple logo and your name. The company has announced that Apple Arcade will be available in 150+ countries later this fall. As a newcomer to consumer financial services, Goldman Sachs is creating a different credit card experience centered around the customer, which includes never sharing or selling data to third parties for marketing and advertising. And Apple in January said its Apple News service had 85 million active users after being released less than four years ago.

The Apple Card works globally where Apple Pay is accepted. Games can be downloaded and played offline - on the Apple-made iPhone, iPad, Mac and Apple TV.

To conclude, it's also relevant to note that late or missed interest payments will accumulate on the user's balance. Miller added that Apple could make inroads if the card appeals to millennials, whose entire lives have been integrated with technology.

During today's Apple special event, when on the topic of Apple Pay, CEO Tim Cook mentioned a stat involving Canada.

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