Apple announced several initiatives during a recent event in California, including a new credit card with no fees, low-interest rates and rewards. Unfortunately, it’s unclear when and if it will be available in Canada.
The titanium, laser‑etched card will launch in the United States this summer and will allow cardholders to use it to make purchases through the Apple Wallet app on their iPhones.
It has some neat features. First, users can earn as much as three percent cash back for each purchase they make directly at Apple, including its stores and the app store. Cardholders will earn two percent for other purchases.
“You can sign up in no time and start using it right away with Apple Pay,” the company notes on its website. “For every purchase you make, you get Daily Cash. And it really is cash. So you can spend it however you want, right from your iPhone. Have a question? Just text. It’s that simple.”
Another great feature is the rewards program. Many credit cards only allow cardholders to redeem the cash back at specific times after accumulating their cash back. The Apple Card, however, permits users to redeem their cash back immediately, reports LowestRates.ca. This means cardholders can use the cash back towards their balance, transfer earnings to family and friends, or make additional purchases.
Apple claims the low-interest rate will be among the “lowest in the industry,” but has yet to reveal its APR. Another selling point is there will be no annual fee, late fees, foreign currency fees, or over-the-limit fees.
And for cardholders who like sticking to a budget, the Apple Wallet app will allow them to track their spending with weekly and monthly summary reports.
Apple is also making card security a priority. Face ID, Touch ID and unique transaction codes are built in. The physical card has no numbers on either the front or back.
Apple is partnering with Goldman Sachs to issue the card.