A NEW TAKE ON THE
CREDIT-CARD FORMULAWhen Apple announced Apple Pay back in 2014,
it heralded the company’s first foray into the
payments business. Fast-forward to March, at
Apple’s ‘It’s Show Time’ event, and the Cupertino
firm took yet another step, this time unveiling
its own credit card, the Apple Card. The card,
of which there is both a digital and physical
version, may have been fully launched in the
United States by the time you read this. But how
exactly does the Apple Card differ from other
credit cards, and should you consider using it?
A STRAIGHT-TO-THE-POINT
INTRODUCTION OF THE APPLE CARDIn a video introducing the Apple Card,
the Cupertino company has branded it “a
credit card created by Apple, not a bank”.
Nonetheless, Apple is partnering with
Goldman Sachs to deliver the card, which
has an enticing array of headline features. For
example, it has no fees – not even “hidden fees”,
so Apple claims – and like Apple Pay, is private
and secure. Apple also says that the card
imposes low interest rates, although this will
naturally depend on your credit score.
The recently-released iOS 12.4 has revamped
the Wallet app with support for the Apple
Card. This means you can sign up to it right now,
provided that you are U.S.-based, you meet the
other relevant criteria – more on that later – and,
of course, Apple has flicked the switch server-
side. In signing up, you can receive the digital
card straight away and the physical card in the
post. The Apple Card, once set up, is available to
use globally with any Apple device.