Apple Announces Apple Card, New Credit Card Product

Apple has announced a brand new credit card.

As previously reported, the company has partnered with MasterCard and Goldman Sachs on a new Apple-powered card, allowing users up to 3% cashback on purchases.

Indeed, cashback will be offered on all purchases at 2%, and purchases made on the App Store, via Apple Subscriptions, and in Apple Stores around the world will receive a 3% cashback amount, in a new feature called Daily Cash.

Unlike loyalty schemes or rewards programs, Apple will award users a daily cashback amount, direct into their Apple Pay Cash card, which they can use for spending anywhere Apple Pay is accepted.

Users can manage their finances from inside the Wallet app on the iPhone, setting spending goals and seeing where they purchased products using the company’s Apple Maps tech.

During the It’s Showtime keynote speech, the company also showed off a stunning Titanium physical credit card, which includes the Apple logo and the user’s name, with nothing else – like a MasterCard logo or credit card number.

Apple has promised that it won’t sell customer data, and neither will Goldman Sachs.

The Card will not have late fees or fees for missed payments, and users will be able to see exactly how much they’re due to pay in interest using an Apple Watch-style user interface, designed to help consumers manage their money and avoid interest.

Apple Card is available from summer.

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