Earlier in March, Apple Inc. unveiled Apple Card, alongside its TV streaming service and a subscription service for iPhone games. Apple has begun rolling out its smart cards, issued by Goldman Sachs and in partnership with Mastercard as the global payment network. Some cards have been issued in the US on request and will be fully available in over 40 countries by the end of 2019.
The Apple Card is designed to work with the Apple Pay, iPhone’s contactless payment system. All you have to do is to request for the smart card on the Apple Pay wallet with your Apple ID account and ensure that you have an iPhone running on iOS 12.4. You just have to tap on the Apple Card interface and go through the activation steps to get credit approval and your card shipped over.
Once your card has been delivered, setting it up is easy. Hold your iPhone XS, XS Max and XR near the envelope that it comes with for a Near Field Communication (NFC) scan and tap the “Activate” button on your iPhone to get started!
Unlike any other payment cards, the smart credit card has no numbers or security codes imprinted on its surface. Instead, the virtual card number is secured within the app’s wallet to tackle fraudulent activities. The card is made entirely from titanium and is laser etched with your name. One side of the card has your name, the Apple logo and transaction chip. The other side holds a credit card strip, Mastercard logo, and the Goldman Sachs logo.
The card has a smart mechanism that changes colour, depending on what items you purchase. For example, shopping for entertainment-related items will change the card to a mix of orange and pink while spendings on restaurants will result in an orange hue. You don’t have to purchase with the physical card unless if you can’t pay with the Apple Pay app. It helps you manage your spendings, and at the same time, gives you cashback on every transaction. Apple offers daily cashback of 1% on regular purchases online or offline, 2% on purchases using the Apple Pay app, and 3% on items bought via the Apple Store, App Store and on subscriptions. You can choose to transfer cash from your wallet to your bank account.
The app uses Machine Learning and Apple Maps to keep records of where you spend money. You can access your spending summaries and trace back the stores you have visited. Apple also provides weekly and monthly spending summaries using colour codes as an indicator.
The Apple Card helps you easily understand how you spend money without costing you transactional charges on purchase. And if you are wondering if transactions are secured, all payments need to be confirmed with Face ID or Touch ID, alongside a one-time password. One last thing, your data cannot be used for marketing or targeted ads by either Apple or Goldman Sachs. In case you want to request for the Apple Card when available in Africa, learn how to apply for Apple Card here.
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