Apple Card, How Dependable Is the iPhone Credit Card

Tim Cook, CEO of Apple, speaks during an Apple special event at the Steve Jobs Theater in Cupertino
Tim Cook, CEO of Apple, speaks during an Apple special event at the Steve Jobs Theater in Cupertino, California, U.S., March 25, 2019. (Photo: REUTERS/Stephen Lam)

Apple introduces the Apple Card, the first ever digital credit card for iPhone users. How dependable is Apple's bold step towards the mobile payment industry?

Apple Card is a branded credit card for iPhone users which is accessible to both iPhone devices and a credit card back up that functions traditionally as other regular credit cards. The difference is that the physical credit card is made of titanium with the imprinted name of the owner.

Unlike other credit cards, the Apple Card physical credit card does not have the usual credit card details such as the card number, expiration date, signature, and CVV. Such details are accessible through the Apple Wallet app. The said feature was specially intended to make the Apple Card security highly dependable preventing the unauthorized use of the card should it get lost, stolen or glanced at.

The digital version of the Apple Card, on the other hand, lives on the Wallet app on the users' iPhone. It will be easily accessible once signing up is done through tapping the Apple Card option in the Wallet app and following through the sign-up process prompt.

Apple Card which is accessible to both the physical credit card and the Wallet app on the users' iPhone can be used anywhere in the world where MasterCard is accepted. It functions as real cash like spending for store purchases, pay bills and balances and can even be sent to friends. Apple Card can also be used for online transactions such as app and web purchases or anywhere where Apple Pay is not accessible. Apple Card is backed by Goldman Sachs as its issuing bank which is an official MasterCard affiliate.

Apple Card also gives its users a value back for every spending. However, the iPhone accessible credit card uses the Daily Cash program which does not use point structure. Every purchase receives a different value depending on the platform used.

The use of titanium or the physical credit card earns the user a one percent reward, while the use of the digital Apple card is equivalent to two percent. The highest point of three percent is acquired by users who directly purchase from Apple. Just like regular credit cards; Apple Card needs verification if the user is a well-qualified customer before the approval to enjoy the iPhone accessible credit card.

As of the moment, Apple is set to introduce the Apple Card to the US alone. More details on the application, verification and payment process will be released as the Apple Card officially launches through the wallet app this summer.

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