Apple has announced the creation of its first credit card 'Apple Card', which will be made available in the US this summer.
The titanium card will be built into the Apple Wallet app on the iPhone and offer customers a similar experience to Apple Pay.
Other key features of Apple Card include:
- no card fees and lower interest rates
- a rewards programme whereby customers will receive a percentage of every Apple Card purchase back as Daily Cash
- no card number, CVV security code, expiration date or signature on the card
- 24/7 Apple Card support
- the use of machine learning and Apple Maps to clearly label transactions with merchant names and locations
- weekly and monthly spending summaries
- a unique card number which will be created on iPhone for Apple Card
- every purchase secured using Face ID or Touch ID as well as a one-time unique dynamic security code
Apple will be partnering with Goldman Sachs and Mastercard.
David M Solomon, CEO and chairman at Goldman Sachs, said: “Simplicity, transparency and privacy are at the core of our consumer product development philosophy.
“We’re thrilled to partner with Apple on Apple Card, which helps customers take control of their financial lives.”
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