Apple wants to be your bank
Apple is partnering with Goldman Sachs to make its own credit card due out this summer - no plastic required. An optional physical card is available, but it's a laser-etched titanium rectangle. CEO Tim Cook said he believed the card would be "the most significant change in the credit card experience in 50 years"
At the Apple event 2019 which happened weeks ago, He introduced Apple's a brand-new service which he calls it Apple card. The apple card is designed to take advantage of the power of the iPhone. This means you can do all sorts of things that no other credit card can do. Apple is also always with you because it's in your iPhone in the wallet app and the wallet app has completely new capabilities. So you can see everything you need to know about your Apple card like what you spent, how much you spent, when and where your payment is due.
Many of you looking at your credit card statement today might recognize sync transactions might look like cryptic merchant names that are pretty hard to decipher. With Apple card, they use machine learning and Apple math to transform this mess into names and locations that you recognize.
With Apple card the users can get the most out of their money, so every time somebody spends with Apple card they get cash back and they get it every day. This is the special feature and Apple called it Daily Cash. Every day someone spends, cash is added to the Apple cash card, which is also in the wallet app. And it's cash like real cash so you can do anything with it. When the Apple team thought about the financially healthy credit card, all the fee and high-interest rate that most being charged are just not OK, so Apple does not have any fees, such as NO late fees, NO annual fees, NO international fee, and NO over-limit fees.
Additionally, Apple card is designed to set a new level for privacy and security. Security is totally integrated throughout the hardware and software. When you get your Apple card, a unique per device card number is created and stored safely in the secure element, a special security chip used by Apple pay. Each payment includes a one-time dynamic security code which protects your card number from being used without your authorization and any purchase is authenticated with touch ID or Face ID. And the Apple card is more secure than others because it has NO card number, NO CVV security code, NO expiration date, and NO signature
From CNN News....
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