Apple is launching a new credit card for iPhone owners

Tuesday 26 March 2019 13:31 CET | News

During a US Apple event, the company has announced the launch of a credit card powered by Goldman Sachs.

The Apple credit card — coming in the summer of 2019 — will supposedly change the fact that the crimes of credit cards are fairly obvious, the rewards are confusing and hard to redeem, the rules around fees and interest rates can be deceptive, the apps and websites affiliated with major credit card companies are difficult to use, according to Apple representatives. The user can sign up directly on their iPhone and get a usable digital version immediately. They can use it directly from the Wallet app of their phone, powered by Apple Pay.

The Wallet app also does a lot of simple financial tracking — displaying a spending breakdown — and tying each purchase to its location in Apple Maps. It can supposedly make “financial health” recommendations and calculate various monthly payment options, while showing the user how much interest each will result in over time.

Most importantly, Apple boasts the card’s rewards program, which is called Daily Cash. Apple Card-holders get 2% back on all purchases made with a digital card, and 3% back when they’re spending money in an Apple Store or on an Apple service. The card will be available in the summer of 2019, though Apple didn’t say anything about who will be eligible for it.

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Keywords: Apple, iPhone, credit card, product launch, US, North America, Goldman Sachs, wallet app, e-wallet, Daily Cash, Apple Pay
Countries: World