Apple Card: Everything you need to know about the credit card

Tim Cook, Apple's chief executive, announces Apple Card.

Screenshot by Jessica Dolcourt / CNET

Apple presented on March 25 its own credit card: Apple Card, a card that you can use to pay for items and services both online and in physical stores. Months after the announcement, on July 30, Apple's own chief executive, Tim Cook, confirm that the card will be released to the public in August.

When entering the world of payment cards, Apple is doing something that no other technology giant has tried (not even Google and Samsung, two companies that have their own mobile payment systems).

Yes, we know you have many questions. This is all we know about the Apple Card so far.


Reproducing:
Watch this:

Apple Card: 7 questions and answers about the card …

3:21

What is Apple Card?

Apple Card is a new credit card for iPhone users. It is a digital card that lives on your iPhone but it is also a physical card that you can use in stores where Apple Pay is not available. However, Apple believes that the use of the digital version of the card will be predominant.

Screenshot by Jessica Dolcourt / CNET

The physical Apple Card is made of titanium, with the user's name engraved on it.

Where can I use the Apple Card?

You can use the Apple Card in apps, in digital and physical stores, and anywhere in the world where MasterCard is accepted.

How can I request an Apple Card?

The Apple Card live in the Wallet app on your iPhone, and you can request it by tapping the Apple Card notification that appears inside Wallet. Apple will guide you through the registration process. We have not seen this process, but you can expect it to take a couple of minutes.

Screenshot by Jessica Dolcourt / CNET

Do I have to wait for the review of my credit history?

During the presentation on March 25, Apple hinted that anyone could open the Wallet app, request the Apple Card and start using it minutes later. That may be the case for many, but you still have to qualify to be approved for an Apple Card. Apple has not shared the specific details, but made it clear that the applicant has to meet certain requirements. "Customers in the United States have to sign up for the latest Apple Card news at apple.com/apple-card. Apple Card be available to customers who qualify in the United States this summer."


Reproducing:
Watch this:

Apple presents its Apple Card credit card

4:09

When can I get the Apple Card?

Apple launch Apple Card through the Wallet app in August 2019, according to Tim Cook on July 30. Arrive first in the United States. However, an exact release date was not given.

Reach Apple Card to other countries?

Apple announced only its plans for the United States. Apple may use this market as a test before expanding to other countries. It is also possible that Apple is already in negotiations with other banks and global institutions. Goldman Sachs, Apple's Apple Card partner, said the card s be available internationally.

What banks support Apple Card?

Apple is working with Goldman Sachs, which is the bank that issues the Apple Card, under MasterCard.

Screenshot by Jessica Dolcourt / CNET

How can Apple Card help me monitor my finances?

If you've ever used a service like Mint or other financial apps, then you have a general sense of Apple's vision.

Ms about the Apple event of March 2019

With Apple Card, you can see graphs that reflect what you have spent and how much you have to pay the bills and how much you owe. Apple also uses the Maps engine to link your purchases with a business, so that it is clear where your payment is going. Apple says it uses machine learning to connect the dots.

You can also see how much you have spent in a week or a month, monitor purchases by categories, such as food and transportation. There is also a graph that shows you how long it will take you to pay a debt.

What do I do if I need help using my Apple Card?

Apple says that if you encounter problems using the Apple Card, you can send a text message directly from the app.

What are the benefits and refunds of Apple Card?

Apple has not opted for a point system. What he has done is give you a refund for every dollar you spend through a program called Daily Cash.

These are the reimbursement rates:

  • 1 percent refund when you use the Titanium Apple Card (physical card)
  • 2 percent when using the Apple Card (digital card) on any purchase
  • 3 percent when you use the Apple (digital) Card for purchases you make directly at Apple

In theory, there is no limit on the daily refund. However, you are limited by your credit limit. Therefore, if your credit limit is US $ 3,000, you can get only US $ 90 in Daily Cash until your next bill. If your credit limit is US $ 10,000, you can get a refund of up to US $ 300.

You can monitor your Daily Cash through a card in your Wallet app.

Screenshot by Jessica Dolcourt / CNET

Is Daily Cash real cash? Where can I spend it?

Yes, it is real money that you can use immediately. You can spend it in stores, send it to friends, use in apps or on the Web or to pay your balance.

What are the payment frequencies?

Apple Card let you pay more often than once a month. For example, you can pay every week or every two weeks. It is not clear if you can make payments every day or if there is a more systematized payment structure.

What are the interest rates and other fees?

There are no late fees, annual, international fees or fees for leaving your limit.

As for interest rates, the annual percentage rate or APR "ranges from 13.24 percent to 24.24 percent depending on solvency," according to the Apple website.

What happens if I don't make a payment?

Apple will not charge you a fee or impose a fine if you do not make a payment, but it is not clear what happened in the event that you do not make several payments. Everything sounds good here.

Apple will not charge you a fine for not making a payment, but you will continue to pay interest. According to the Apple website: "Late or unrealized payments will result in additional interest that is added to your balance."

In other words, Apple will not give you money in exchange for anything.

The physical Apple Card.

Screenshot by Claudia Cruz / CNET

Is the Apple Card safe?

Apple highlighted four ways in which it maintains the security of the Apple Card.

  • The card number: Apple create a unique card number for each device, which is stored in the Security Element, a security chip in your phone. You will get a dynamic security code that will protect your number. Authenticate each purchase biometrically through Touch ID or Face ID.
  • Apple does not monitor what you bought, where you bought it, or how much you spent. All monitoring occurs on the device and not on Apple servers.
  • "Goldman Sachs never share or sell your data for marketing or for advertisers," said Bailey.
  • If you are using the physical Apple Card, you will notice that your name is on the card, but there is no card number, CVV code, expiration date or signature. If you need details, it's all in the Wallet app.

Does Apple Card work with my iPad and Apple Watch?

Yes, Apple says the Apple Card will work on all iOS devices. Once you have an Apple Card, you can use it on all devices that are compatible with Apple Pay, such as the iPad, Mac, Apple Watch.

Can you use the physical Apple Card even if you lose your phone?

S.

If I lose my physical Apple Card, can I request a new one?

Yes, your card is lost or stolen, you can use the Wallet app to freeze your card and ask for a new one.

Do you have the physical NFC card?

The card has a magnetic tape and an EMV chip.

Can you use the Apple Card at an ATM?

No, the Apple Card does not have the cash advance function.

Apple Card: What's next?

There are many details that we still do not know, such as the exact launch date, hidden fees, how the Apple Card could affect those who do not have a credit history.

Read more: Apple Card vs. Amazon Prime Rewards Visa: What credit card is right for you?

Read more: Apple Card vs. Chase Sapphire: What credit card is right for you?