One of the most popular announcements last March was the arrival of AppleCardthe credit card of the Cupertino company with which complements your payment platform and that promises a unique user experience.
Now it is possible to know in depth its operation since it has begun to reach some devices. This is everything you need to know about Apple Card and how it will help you monitor and manage your finances.
This is how Apple Card works
The first thing you should know is that, at least for now, since an iPhone with iOS 12.4 operating system is required.
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This first version, designed for users in the United States, requests a physical address, date of birth, income level and the last digits of your Social Security number, and with this information the bank after handling the Apple CardGoldman Sachsit will decide whether or not to accept the request, according to Apple, in just a matter of seconds.
If the user is approved, in an instant you will have available Apple Card in your Wallet together with the rest of their cards, and they will be able to access its interface created specifically for this product.
Apple Card will work as a physical and virtual card, as it will be linked to in iOS operating systems. Once users have linked Wallet with Apple Card, they will be able to have real time access to the balance of your operations, your recent transactions that will be organized by color according to the type of transaction it is (travel, food and drinks, services, among others).
In addition, Apple Card will show where purchases were made, since can be used at any establishment that accepts MasterCard. Its design makes it easy to see interest charges, expenses and returns, as well as including graphics similar to those you can find on Apple Watch, but instead of measuring your physical activity they will be shown so that you can reach financial goals that you have previously set and eliminate superfluous expenses.
The Apple Rewards Program
One of the main attractions of Apple Card is that it offers you a 1% cash back when you use your physical cardWhile the virtual card will give you 2% refund in cash and a 3% back on direct purchases from Apple. Cash back will be added to your Apple Cash balance daily or to the card monthly as a credit balance if you don’t have or want an Apple Cash account.
But beyond its basics, there are other interesting facts about Apple Card. To begin with, the physical card is made of titanium in order to make it more secure, and strangely enough It will not have an account number, security codes, expiration date, or signature space.
To receive the physical card, you must request it by mobile and it will arrive by postal service, and to link it with the virtual card you only have to bring the envelope closer to the mobile, since it has a (Near Field Communication), technology that connects devices wirelessly at short range.
In addition, Apple Card will assign you three credit card numbers: the number associated with your phone, the number assigned to the physical card and finally a virtual number that will be used to buy on websites that do not accept Apple Pay.
To make each purchase, Apple Card will require a confirmation code to be displayed by means of biometric identification, using or Touch ID. One of the nuances in its operation is that the physical Apple card not eligible for payments so for these types of transactions you’ll need to use directly instead.
Although Apple Card has no fees, if you have deferral interest, if it is used as a credit card, its rate will vary according to the person and the payment, hovering between 12.99% to 24.24%and another point to question is that although the software is entirely from Apple, any queries should be handled directly with Goldman Sachs, Therefore, for its internationalization, it must reach agreements with other banks outside the United States, in addition to adapting to its regulations, which No will be matter of weeks.
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