Companies know they must change with the times in order to remain relevant. With this being said, Apple is pushing forward into the credit card business. They announced a virtual payment that will be built into Apple pay. The goal of Apple’s new card is to help its customers live a healthier and secure financial life. They emphasize the importance of security with the number of features that might not be offered by its existing counterparts.
In a recent event in March at the Steve Jobs Theater in Cupertino, California, Apple had a chance to elaborate. CEO Tim Cook explained, “With our hardware, software, and services, we think that Apple is uniquely positioned to make the most significant change in the credit card experience in 50 years.”
Just as it has done for phones and media, Apple is aiming to completely change the playing credit card field. As you can tell, they feel credit cards need to be an easier experience for consumers. They are looking to accomplish this by doing the following:
- Simplifying the horrid application process
- Eliminating fees
- Encouraging customers to spend less of their hard earned money back into interest payments.
- Most importantly, they are looking to enhance privacy and security features with their new card.
iPhone customers can easily just sign up for Apple’s new card by using their wallet app. The best part is there are no long waiting periods, like with the traditional credit card experience. Most often, customers can begin shopping within minutes!
Following purchases, Apple makes it easy for their customers to understand where their money has been spent – they do this by sorting each category into different colors and totaling them out. (ie. food/beverage, shopping, entertainment, etc.) In addition, weekly and monthly spending summaries are available in the app for the customer to review.
And when (or if) there is any sort of issue for the cardholder, they can simply get to the bottom of it with a text message.
Rewards & Perks
Aside from having a simplified and streamlined application process, the Apple Card also includes a great cash reward system for its customers to take advantage of. Consumers receive 1 percent for outside Apple Pay purchases, 2 percent for Apple Pay purchases, and 3 percent for purchases from Apple. Then the rewards are added as cash to at the end of each day, and can be used to pay the card or make more purchases, or can even be sent to family and friends. Nothing like your typical credit card rewards.
Apple has also changed up how credit card fees work – it will not boost interest rate in the unfortunate case a late payment is made.
In conclusion, Apple is known for providing an extra layer of privacy and security for its customers. They certainly did not fall short when it comes to their new card. Every purchase made with the Apple Card is authorized by at least one biometric authenticator — either a fingerprint through Touch ID or facial recognition through Face ID or even a one-time unique code that constantly changes.
Apple’s new card isn’t just digital either. They also provide their customers with a physical, sleek, titanium credit card. It contains no card number, CVV security code, expiration date or signature – making it one less hassle for the cardholder to worry about.
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