Apple’s gunning for financial victory right out the gate.
Apple’s new credit card, aptly named the Apple Card, will offer great benefits and rewards to consumers who are interested in it. The card can be linked to Apple Pay and can be used as virtual credit that consumers can use to purchase from both online and offline shops.
While most of the rewards haven’t been revealed yet to the public, here are a few things that we do know about the Apple Card’s benefits.
- Cashback Rewards: Like many other credit cards out there, the Apple Card will also offer cashback rewards to consumers. Users of the Apple Card will be able to get a 3% cashback from all their Apple purchases and 2% cashback from their non-Apple purchases.
- No Additional Membership Fees: Most credit cards require you to pay annual membership fees if you want to keep using your card, but Apple says that their Apple Card will require no additional membership fees whatsoever. This means that you can use the card for life for free!
- Lower Interest and No Penalties: Apple also promises that the Apple Card will provide lower interest rates compared to other credit cards. The exact number is still yet to be released, but at least it’s something. Also, if you miss a payment or pay your credit late, Apple will charge no penalties. This is certainly different from other credit card companies out there who charge high fees for missed or delayed payments.
- More Secure: The Apple Card is minimalist in design. It doesn’t even have a card number written on the card – just the Apple logo, your name, and nothing else. If you want to purchase something using the card, you need to use the Touch ID on your phone and enter a dynamic one-time code.
- Money Management App: The card also comes with a money management app to help users manage their money and debt more efficiently. The app will look a lot like Apple’s own inclusive apps on the iPhone, with a nice, sleek interface and easy-to-understand functions.
