Apple released its credit card Tuesday, and it’s digital! The card, which is backed by Mastercard, lives on your iPhone. However, it does come with a physical titanium card, just in case.
“Apple card is an actual credit card. You apply and get approved, hopefully,” says Ted Rossman with CreditCards.com.
It can be used anywhere Mastercard is accepted.
“What I think is the most unique feature about this card there is no card number printed on the physical card,” Rossman says. “So, when you want to buy something online, you have to go into the app the wallet app on your iPhone.”
Just like Apple Pay, all your information and details of your card will be stored in the wallet app on your iPhone.
“That’s more secure than a physical card, because there’s additional steps of using biometrics, like authenticating with your thumb print or with your face ID,” Rossman explains. “Loading any card into Apple Pay is more secure.”
Apple teamed up with Goldman Sachs as the financial bank, and both parties say their customers purchase privacy is important to them. Goldman Sachs claims they will not be sharing your purchase information to Apple or third parties.
One downfall, however, is that Apple card is not for Android users.
As for the rewards associated with the card, Apple card users get 3 percent back when they digitally use the card to purchase Apple products. They get 2 percent back when using the card digitally on any purchases, and 1 percent back when using the physical card on any purchases.
“I do think this will appeal to Apple loyalists, but I think if it’s rewards you are after or lower interests rates you are after, that’s where you should look elsewhere,” Rossman says.
Apple will not charge late fees if you miss a payment.