On stage during its “It’s Show Time” event, Apple announced a partnership with Goldman Sachs to introduce its own credit card, integrated with the Wallet app. We first heard about this project on a report from WSJ in late February, we also found evidence in code from an iOS 12.2 beta.
Apple’s start in the payments business began with the launch of Apple Pay in 2014, more recently, the company rolled out Apple Pay Cash in the US, which allows users to send payments to each other and also to pay businesses directly from the Messages app.
Apple takes a small processing fee for purchases made with Apple Pay. With the introduction of its credit card, the company is definitely going to take a bigger cut of the transactions made with its own credit card, contributing to its services revenue.
The card has no fees, lower interest rates than common credit cards and is private and secure. It is designed for a healthier financial life and takes advantage of the power of Apple’s devices. Signing up is instant and can be done through the Wallet app on iOS. The card can be used worldwide across all Apple devices.
There’s a new user interface in the Wallet app for the user to see graphs of their spending. To get help, the user can contact Apple Support directly through messaging. The card also uses machine learning and Apple Maps to improve the quality of the information found in the card’s statements.
There’s also a new feature called “Daily Cash”, a cash back system that gives 2% for each transaction done using Apple Pay. The cash back is deposited to a user’s Apple Cash account. For purchases of Apple’s services or products, the amount of Daily Cash increases to 3%.
Apple Card will be available in the Summer, only in the US.
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