Apple Introduces Apple Card, Its Own Credit Card With Cash Back Offers
Apple Inc said on Monday it will launch a credit card with Goldman Sachs Group Inc this summer that will be synched with iPhone users' Apple Wallet and can be used to buy Apple products at a discount.
The Vice President of Apple Pay Jennifer Bailey said the new Apple Card service will work through the company's wallet app Apple Pay.
There will also be a physical card, which will give users 1 percent cash back on purchases.
The credit service will come with new features in the Apple Wallet aimed at helping consumers track their spending with a breakdown of monthly purchasing trends.
Cashback rewards will be credited to Apple Pay users' accounts on a daily basis, Bailey said, and the card will not charge any international fees.
Before introducing the card, Apple CEO Tim Cook shared a few numbers about Apple Pay. This year, Apple Pay will reach 10 billion transactions. By the end of this year, Apple Pay will be available in more than 40 countries.
Retail acceptance of Apple Pay is always growing. In the U.S., 70 percent of businesses accept Apple Pay. But it’s higher in some countries — Australia is at 99 percent acceptance, for instance.
But let’s talk about the Apple Card. After signing up, you control the Apple Card from the Wallet app. When you tap on the card, you can see your last transactions, how much you owe and how much money you spent on each category.
You can tap on a transaction and see the location in a tiny Apple Maps view. Every time you make an Apple Pay transaction, you get 2 percent in cash back.