Look out Visa, Apple is getting into the credit card game.
Last week at its “show time” event, Apple announced the Apple Card, its very own credit card set to launch this summer.
The card promises zero fees and (according to Apple’s website) “rates that are among the lowest in the industry.” Apple also plans to reward users with two-percent cash back on purchases made through Apple Pay and three-percent when purchasing Apple products.
For the 30 percent of businesses that still don’t accept Apple Pay, the company will also issue a physical version of the card — titanium and laser-etched, so you know it’s for the cool kids.
“Dude, Where’s My Money?”
The Apple Card will also leverage Apple’s tech platforms to increase usability and security.
Cardholders can easily monitor their spending habits directly in the Wallet App. Apple uses machine learning to label stores the card is used at, and each transaction is organized into a spending category.
To increase security, Apple requires a Face-ID, fingerprint, or an access code to permit transactions using the card. Cardholders can also use maps to pinpoint any ambiguous purchases. And transaction records are stored locally on the user’s device, rather than Apple’s servers (Jobs doesn’t need to know all the weird stuff you buy.)
The company also erased the card number, expiration date, and CV number from the physical card, an advancement that will leave analog identity thieves stumped.
Showing Up Fashionably Late
Apple is not the first tech company to release a credit card. Digital money companies PayPal, Square, and Venmo all introduced physical credit, debit, and prepaid cards in the last few years.
In fact, the tech giant has a history of taking corporate “hand-me-down” ideas. The iPad came out a decade after Microsoft launched its (doomed-to-fail) MS tablet, and Apple Music copied Spotify’s subscription model nine years after the Swedish-born company changed the streaming music game.
At its recent event, Apple even announced its own online content and media streaming service, Apple TV Plus, to compete with the likes of Netflix and Amazon Prime, which have each been around for several years.
If Apple keeps up this late-adoption trend its next exciting advancement may be the “Apple Wheel” or “iScotch,” an adhesive strip that lets the jet set stick the titanium card to their lapels in an ostentatious display.
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