Apple readies for credit card launch

Apple readies for credit card launch

Apple has opened a Web page highlighting the forthcoming release of its titanium Apple Card, developed in conjunction with Goldman Sachs.

First unveiled in March, Apple had promised a Summer release in the US for the new card, which is built into the Apple Wallet app on iPhones.

The new Web page states: " You're almost there.

"You can apply for Apple Card in the Wallet app on your iPhone if you have received an email invitation to the Apple Card Preview."

Users can sign up for the card in the Wallet app in minutes and start using it with Apple Pay in stores, in apps and online. There are no annual, late, international or over-the-limit fees while interest rates are "among the lowest in the industry" claims Apple.

Machine learning and Apple Maps are being used to label transactions with merchant names and locations, with purchases automatically totaled and organized by color-coded categories. Users also get weekly and monthly spending summaries.

Every purchase is authorized with Face ID or Touch ID and a one-time unique dynamic security code generated by Mastercard.

The physical plastic is also ditching the embossed card number as a way to improve security in case a customer loses it, a move which could be mimicked by banks in favour of more secure limited-use numbers.

Comments: (0)