Apple has unveiled a new credit card service for iPhone users that’s imaginatively named Apple Card.
Apple Card was unveiled by Apple CEO Tim Cook – or Tim Apple if you work in the White House – at the company’s 25 March event in California on Monday.
The service is an expansion of the company’s existing Apple Pay and Wallet services and will see it partner with Goldman Sachs and Mastercard. According to vice president of Apple Pay Jennifer Bailey the sign up process will take minutes and offer a number of nifty services designed to improve transparency.
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“With Apple Card we’ve completely rethought the credit card: Simplifying applications, removing fees, lowering interest rates,” she said.
“It’s designed to take advantage of the iPhone […] you don’t have to wait days to get your card. Just sign up on your iPhone and within minutes you’ll have it at can start using it straight away.”
The service will reportedly use machine learning to intelligently sort purchases into categories for its users, making it easy for people to see exactly where they are spending.
“To help everyone live a healthier financial life. It starts making it easier to see where you’ve spent your money,” Bailey explained.
“With Apple Card we use machine learning and Apple Maps to turn transaction histories into names and locations you’ll recognise. It also intelligently names and adds up your expenses […] Each category is shown in its own colour, like orange for food and drink. You can decide in real time if you need or want to change your spending.”
As an added incentive Apple Card will have a simplified rewards system that pays users back in cash, not points.
“Most [credit card] rewards use points. You’re never sure what they’re worth or where you can use them. Every Time you spend with Apple Card you get cash back. It’s my favourite feature. We call it Daily Cash,” Bailey explained.
“So when you buy your morning coffee or shopping for groceries you get Daily Cash. Every day it’s added to your Apple Cash card, it’s cash, real cash. You can use it however you like. Every time you pay with your iPhone or Apple Watch you’ll get 2% in your daily cash. If you purchase direct to Apple […] you get 3% Daily Cash. The amount you can receive is unlimited.”
The Card will also reportedly offer a variety of plans that let you tweak and pick how fast you want to pay off your bill and see interest rates in real time.
“Another area we can make an impact is helping you understand how much you owe. Most cards focus on minimum payments which flood you with interest,” said Bailey.
“We make it easy for you to see a range of payment options and because Apple Card makes interest in real time you can see it straight away.”
As a final set of perks Bailey promised the service will not charge late fees.
Apple Card will work on any system that’s compatible with Apple Pay. According to Apple 70% of US retailers currently accept Apple Pay. The company reported expectations to pass the 10 billion Apple Pay transactions milestone and be active in “over 40 countries” by the end of the year at the event.
Apple Card was unveiled alongside a new Apple News Plus magazine service. We’re also expecting the company to unveil the hotly anticipated Apple Netflix rival.
Excited about Apple Card or think it’s creepy Apple wants another part of your life tied to it? Let us know on Twitter @TrustedReviews