Apple Card, which is both a virtual and physical card, is designed for iPhone and is claimed to present a new level of privacy and security for customers
Image: The virtual Apple Card on an Apple iPhone 6. Photo: courtesy of Apple Inc.
Global tech giant Apple has launched Apple Card for its US customers — labelling it a new type of credit card created to help users lead a healthier financial life.
Currently, Apple Card is available to qualified customers having the iPhone 6 and later. To apply for the new credit card, users must update to iOS 12.4, open Wallet and tap +.
It has no fees associated with it, and is said to encourage customers to pay less interest.
Apple Card privacy and security features
The card is designed to provide an easy-to-understand view of spending, and is claimed to have incorporated a new level of privacy and security.
The security and privacy architecture of the credit card has been designed so that Apple does not know where a customer shopped, what has been bought, or how much has been paid through it.
Only the original owner of the iPhone can use the card, as it incorporates Apple Pay’s advanced security technologies such as Face ID, Touch ID, and unique transaction codes, which are all in-built. The physical card has no numbers.
When a customer gets his/her Apple credit card for the first time, a unique device number is created on the associated iPhone. The number is locked away in the Secure Element embedded into the NFC chip, which is used by Apple Pay at payment terminals.
The new credit card presents a variety of payment options and calculates the interest cost on various payment amounts in real time to help users make informed choices.
It also uses machine learning and Apple Maps for labelling transactions with merchant names and locations in Wallet, along with weekly and monthly spending summaries.
Prior to the launch, the company had given a preview of the new credit card earlier this month, during which it a limited number of users were invited to apply early.
Apple Pay vice president Jennifer Bailey said: “We’re thrilled with the overwhelming interest in Apple Card and its positive reception.
“Customers have told us they love Apple Card’s simplicity and how it gives them a better view of their spending.”
Goldman Sachs is the issuing bank for the new credit card, while MasterCard will provide the support of a global payments network, said Apple.