Apple pins hopes on new credit card
- Author: Jacqueline Ellis Mar 29, 2019,
Mar 29, 2019, 0:07
The rewards rate for the virtual version of the Apple Card matches numerous highest flat-rate cash-back cards on the market. The company says it won't track purchases, including what and where you purchased them. Users can pay the bills weekly rather than monthly to reduce the interest payment. Entertainingly enough, a lot of the inventions uttered today didn't get a live demo in performance, and many of them would be obtainable as soon as the year goes by. According to studies, people spend more on things that they see on the internet although unnecessary; leading people to misspend their money. Talk about making a big splash in the financing industry. However, if technology continues to be "innovative" in such a way that it still takes advantage of its consumers, this might never get close to an end.
Dubbed as Apple Card, the new service will allow iPhone users not only to pay through their mobile phones but use it as a credit card as well. If you're willing to pay the $95 annual fee, the Chase Sapphire Preferred® Card earns 2 points per dollar on travel and restaurant purchases and 1 point per dollar spent on all other spending, plus an even larger sign-up bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
"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. Apple is known for its stance on privacy when it comes to iPhones, and the same rule applies to the Apple Card as well.
On Monday, tech giant Apple announced the coming release of its Apple Card, which will extend opportunities of Apple Pay users and, as per the big-name company, will ensure users' personal data will be thoroughly protected. Users need to install the Apple Wallet app on their device and request to be issued a credit card. The app will provide all information related to the usage of the card and the balance available etc. It is very convenient for iPhone users since it's a 24/7 app serving their customers at any time of the day. Every time a customer uses Apple Card with Apple Pay, they will receive 2 percent Daily Cash. The purchases made are also automatically totaled and are organized by categories with color-codes. Apple said the Apple card will attract "no late fees, no annual fees, no global fees, and no over limit fees and lower interest rates".
Apple recently unveiled its digital-first credit card, Apple Card, as well as a Mastercard-branded physical card for use in places that don't accept Apple Pay.