Last week the technology giants, Apple launched its media event. It was special as well as different for many reasons. Unlike their usual events where they launch new products, this one revealed their new interest in various markets.
Although its entrance in the television market stole the spotlight, another very important highlight of the show was Apple’s new credit card. How’s it different from the existing ones?
Well, for starters, Apple owns the whole processing of the card. This means that not only is the card technologically advanced, but is completely secured as well.
In this article, we will be covering everything you need to know about the new card. Starting with its name – Apple Card.
Meet the Apple card:
I. Interest Rates –
During their presentation, Apple assured that they would propose an interest rate “among the lowest” in the market. Even though that’s very exciting, the expected rates will lie between the range of 13-20%.
II. Access –
The credit card will be available in both the formats – The traditional ‘Physical’ format and the growing ‘Virtual’ format. The physical card can be used anywhere just like an ordinary credit card but the offers and cash-backs are way more exciting than ordinary cards.
The most attractive feature of the virtual card is security. Unlike other credit cards, this one doesn’t require a particular number to be dialed in case of an emergency. You can do that with just a few clicks.
III. Safety –
Irrespective of how you use the Apple card, the strong defense of Apple’s security is present to defend us. You can estimate the level of protection with these facts –
- During a purchase, you will have to confirm your identity while using the card. This will be done through iPhone’s Face ID or Touch ID. For those using the Apple wristwatch, the device can identify the owner through wrist detection.
- Irrespective of the device, a form of authentication will be required at the time of shopping through the Apple card. This verification can be done through your fingerprint, face recognition or wrist-and-passcode.
- Once your purchase is done, the seller would receive a token rather than your credit card number. That’s Apple’s way of introducing a credit card with no number to the world.
- The Apple Credit card is therefore also called the card with no number. However, this can create a lot of confusion during dining or shopping. To remove this chaos, Apple has given this advanced card many numbers.
Here’s how the TechCrunch described it –
“But you can hit a button to regenerate the PAN (primary account number), providing you with a new credit card number at any time. This is great for situations where you are forced to tell someone your credit card number but do not necessarily completely trust the recipient.”
Quite interesting, isn’t it?
IV. Sign-up Process
One can sign-up for the Apple Credit Card directly from their iPhone in a duration of just a few minutes. In case of any inconvenience, the customer can call, text or chat with the authorities at any given hour.
There hasn’t been an official date announcement but it is expected that the Apple Cards will hit the market this summer. For those who wanna grab the card before anyone else can go to the official website of Apple Card and press on the ‘notify me’ option to get the news before the rest of the world.
We are all aware of Apple’s superior skills to design and modifying an existing product. Be it the gorgeous and efficient iPhones or the recent Apple watches. They always do an excellent job. Let’s see how the highly anticipated Apple Card turns out to be.