Obsessed with technology?
Subscribe to the latest tech news as well as exciting promotions from us and our partners!
By subscribing, you indicate that you have read & understood the SPH's Privacy Policy and PDPA Statement.
News
News Categories

Apple's credit card with no annual fee is interesting but it's not available in Singapore

By Wong Chung Wee - on 26 Mar 2019, 6:26pm

Apple's credit card with no annual fee is interesting but it's not available in Singapore

Image source: Apple

Apple Card, Apple’s take on the traditional credit card, with focus on “simplicity, transparency, and privacy.” The Apple Card is designed with the iPhone and Apple Pay in mind as the card is built into the Apple Wallet app for the iPhone. Apple promises a fuss-free application process and the card comes without the much-dreaded annual fee as well as other charges for late, international or over-the-limit fees. However, late payment of bills will result in additional interests for outstanding charges.

Image source: Apple

Apple Card aims to enhance user experience with its dashboard; it makes use of machine learning and Apple Maps to label card transaction with merchant names and location. Apple wants to eliminate esoteric merchant codes and other confusing transactional information.

Image source: Apple

Card transactions are tallied automatically and color-coded according to established categories that include Food and Drinks, Shopping and Entertainment. Weekly and monthly summaries will provide insights to customers about their spending habits.

Image source: Apple

A unique card number for Apple Card is created on the iPhone and it’s stored on the device’s Secure Element, a special security chip used by Apple Pay. Each transaction is backed by the biometric security features of either Face ID or Touch ID and a one-time unique dynamic security code. The company also emphasizes user privacy as due to the card’s unique security and privacy architecture, customer purchasing habits cannot be tracked by the company.

Image source: Apple

To reward Apple Card users, they stand to receive cashback, i.e., Daily Cash that can be used to offset other purchases immediately. Daily Cash can even be forwarded to friends and family members in messages. Users can earn 2% Daily Cash every time they use Apple Card with Apple Pay. It goes up to 3% on all purchases made directly with Apple.

Apple is partnering with Goldman Sachs and Mastercard for Apple Card services. For shopping at locations without Apple Pay support, there’s the titanium Apple Card that’s free from any information usually present on a traditional physical credit card. It’s sleek in design and also ensures data security. Alas, Apple Card isn’t available in Singapore and it’s only slated for launch in the United States for qualified customers this summer.

Source: Apple

Loading...