Apple Card Officially Launched In the US In Partnership With Goldman Sachs

| Updated
by Bhushan Akolkar · 3 min read
Apple Card Officially Launched In the US In Partnership With Goldman Sachs
Photo: Apple Inc

Apple officially launched its Apple Card payments service to the US customers along with introducing its Daily Cash rewards program and other benefits.

As almost every tech giant is flexing its muscles to grab a share of the payments industry, Apple is no different! On Tuesday, August 20, the Cupertino-based tech giant officially launched the Apple Card in the United States.

iPhone users can easily apply for the Apple Card through the phone’s wallet app and start using it right away in stores, apps, and websites accepting Apple Pay.

The Apple Card Features

As announced by Apple, the Apple Card provides three basic features of transparency, simplicity, and privacy. Besides, the Apple Card has no fees, but if customers fail to pay the full balance by the due date, they can attract the interest of 12.99% to 23.99% based on their creditworthiness.

Additionally, Apple promises a whole new level of privacy and security. Besides, it also offers users an easy-to-understand viewing of their purchase and spendings. Jennifer Bailey, Apple’s vice president of Apple Pay 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.”

Bragging about Apple Card’s high security and privacy features, the company has ensured robust infrastructure in place. The security feature means that Apple doesn’t have any details like place and amount of shopping by the customer.

Apple has chosen Wall Street giant Goldman Sachs as its issuing bank for Apple Card. Apple assures that Goldman Sachs also won’t share any customer data to third parties for advertising or marketing purposes. Furthermore, Apple has also teamed up with Mastercard to provide support for a global payments network.

Rewards and Partnerships

As earlier promised by Apple, Apple Card’s Daily Cash rewards program provides good benefits to the user. Every time the user used Apple Card with Apple Pay, they get 2 percent Daily Cash rewards on every spending. Moreover, for all purchases made directly with Apple, the Daily Cash rewards are 3% of the total spending.

Apple plans to include more merchants and apps to its rewards program over a period of time. Currently, Apple has partnered with Uber and Uber Eats and customers using the Apple Card with Apple Pay here will get 3 percent Daily Cash rewards.

Apple Card provides its 24/7 support services to its users. Users can reach out Apple just by putting a text message through iMessage. The company further adds:

“To help customers better understand their spending, Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations in Wallet, and provides weekly and monthly spending summaries”.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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