CASH BACK
Apple Card revealed as new credit card for your iPhone – with 2% cash back on EVERY purchase
The new service was announced today
APPLE has announced a credit card for your iPhone called Apple Card, which ties in with the existing Apple Pay service.
The surprise reveal came during today's special press event in California.
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“There are some things about the credit card experience that could be so much better,” said Tim Cook, before inviting his Apple Pay chief on stage.
“We have completely rethought the credit card,” said Jennifer Bailey, VP of Apple Pay.
You can sign up on your iPhone and start using it worldwide anywhere where Apple Pay is accepted – including online.
It’ll be available across all of your devices, and lets you track your payments and credit amount.
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You can even send iMessage texts to Apple for customer support.
Apple Card will highlight how you’re spending money, splitting it into categories.
This will reveal what you’re spending money on – like groceries or entertainment.
The idea is that this will help you cut back on excess, spotting bad spending trends.
Apple confirmed that you’d get cash-back whenever you spend through a feature called Daily Cash.
So when you’re buying a coffee or shopping for groceries (or any other time you pay with Apple Card), you get Daily Cash.
Every day you spend, cash is added to your Apple Cash card (inside the Wallet app).
You can use it absolutely anywhere, and can even send the cash to friends using Messages.
The Daily Cash amount is set at 2%, which upgrades to 3% if you’re spending on Apple goodies.
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The amount of Daily Cash you can receive is unlimited, to boot.
Apple Card has no late fees, no annual fees, no international fees and no over-limit fees.
The issuing bank backing Apple Card is Goldman Sachs, and Apple is also working with MasterCard on the project.
There’s also a physical card available, built from titanium with no card number of CVV on the back.
That’s so you can still access funds in places where Apple Pay isn’t accepted.
However, you only get 1% Daily Cash if you make purchases with the physical card.
It'll be available in the United States this summer, with no word yet on a UK launch date.
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