Apple Card: five key points about the tech giant’s new payment solution

Dwayne Harmon
March 28, 2019

Much like the Apple News+ service it announced on Tuesday, the company is keen to insert itself as the middle man under the veil of consumer convenience and by harnessing the leverage it has from its massive pool of active device users. Apple says pricing and more details are still to come.

FILE- In this Monday, March 25, 2019, file photo, Jennifer Bailey, vice president of Apple Pay, speaks about the Apple Card at the Steve Jobs Theater during an event to announce new products in Cupertino, Calif. Apple is hoping a credit card will entice more iPhone owners to use Apple Pay. Not only is this big news for Apple lovers, but also for Goldman Sachs - it's the first consumer credit card they're issuing.

This integrates with your Apple Pay account and native iOS Wallet app, has no card or CCV number (courage?) and pays 2% cash back daily on all purchases, or 3% on Apple products. However, the fact that it's a credit card adds to the grave singing debt addiction status in the United States.

Such an arrangement indicates that there may be no need for applicants to submit address or salary proofs. "While we all need them, there are some things about the credit card experience that could be so much better".

The Apple Card, announced in front of an audience at Apple's March event on Monday, will have no global fees, no over limit fees, and maybe, in particular, no charges for missing a payment. Its goal is to provide interest rates that are among the lowest in the industry. Customers who miss a payment will not be charged a penalty rate.

He points to the Citi Double Cash card, which offers an easy-to-use 2 percent back on any purchase. As such, the scheme will strengthen brand loyalty among Apple customers.

Apple's latest move into streaming video illustrates an escalating trend: Tech's biggest companies, faced with limits to their growth, are encroaching on each other's turf.

And, if you want to see even more detailed spending, you can look within each category to see exactly how much you're shelling out on Food and Drinks, or what have you, through your Apple Card, as well as how much you spend at one particular place, like Starbucks.

The Apple Card is no doubt leading us to a safer use of cards for payments.

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The Apple Card supports users in their financial aspect, leading them to a healthier financial lifestyle. There are no worries when it comes to privacy and security, as it well managed by Apple themselves.

Some observers believe that since Apple is trying to stand out among other Silicon Valley companies, it also intends to oppose Bitcoin by offering this card to its customers and rival BTC in the privacy area.

These announcements include a Netflix-style streaming platform, gaming service and even its own credit card.

Apple has debuted a physical credit card to work with its virtual payment service, and people are taking notice of its sleek and minimalist design.

For sure, turning the small amounts of fees from the card service into a huge revenue source is a long-term business. WeChat Pay, Tencent Holdings' (00700.HK) mobile payment service, is earning billions of yuan in China from transaction fees alone.

Amid slowing demand, smartphone makers are finding it increasingly hard to convince users to upgrade to the latest models with just a few technological improvements or additional features.

The new Apple TV update will now include channels like HBO, PBS, CBS, Acorn TV, and Tastemade without users having to use a third-party app.

However, Apple has made a serious statement about its plans to get viewers switching to its Apple TV+ service.

That's a win-win deal for Apple and its users.

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