Apple Card

Apple Card

A credit card released by Apple in 2019 that works with the Apple Wallet application and allows users to make purchases using Apple Pay.

On March 25, 2019 during a keynote event Apple, in partnership with Goldman Sachs and Mastercard, announced Apple Card. A credit card by Apple with no fees —no annual, cash-advance, over-the-limit, international, or late fees (late or missed payments are subject to interest)— that gives Apple users the ability to sign up for Apple Card using the Apple Wallet application and to make purchases using apple pay.

The announcement came after Tim Cook claimed Apple Pay will surpass 10 billion transactions worldwide, and by the end of 2019 Apple pay is expected to be available in over 40 countries. Apple Card can be used for making purchases at any business accepting Apple pay; approximately 70% of business in the United States are currently accepting Apple Pay at the time of the announcement of Apple Card.

Every Apple Card is issued with a unique card number that is stored on the Secure Element (security chip) used by Apple Pay; and every Apple Card transaction requires Face ID or Touch ID authentication in combination with a one-time use dynamic security code. All data associated with Apple Card transactions is processed and stored locally on each users device so Apple (or third parties i.e Goldman Sachs or Mastercard) does not know where customers have shopped, purchased, or how much they have paid for products and services.

For situations where Apple Card users want to make purchases using Apple Card and Apple Pay is not available, Apple offers a physical Apple Card made out of titanium. The titanium Apple Card can be used like a regular credit card and has no card number, CVV security code, expiration date, or user signature. All information related to the cards transactions are processed and stored as if the customer was using their Apple Card through the Apple Pay wallet application.

The Apple Card offers users a Daily Cash reward program that gives users a percentage of the money they spend back every day. Daily Cash can be used the same as actual cash using Apple Pay, for example, users are able to make purchases or pay their Apple Card balance using Daily Cash. The titanium Apple Card offers users 1% Daily Cash back on the value of their purchases, while the Apple Card used through Apple pay offers users 2% Daily Cash on their transactions and 3% daily cash for the purchase of products and services offered by Apple.

Timeline

March 2019

The Apple Card in partnership with Goldman Sachs announces Apple Card's rolling out in the U.S.

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News

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Matthew Panzarino
June 29, 2020
TechCrunch
Apple is launching an interesting new Apple Card program for people who have their application declined. Declined Apple Card applicants may begin seeing emails later today that offer them the Path to Apple Card program. It's an opt-in program that can run for up to 4 months. It leverages the information that Goldman Sachs used determine [...]
Michael Simon
June 15, 2020
Macworld
Apple has expanded its Apple Card special financing to include nearly every product it sells.
Sarah Perez
June 15, 2020
TechCrunch
Last year, Apple introduced interest-free financing for new iPhone purchases when you pay with an Apple Card. Today, it's expanding interest-free Apple Card monthly installments to a range of Apple products, including Mac and iPad, Apple TV, HomePod, and AirPods, plus select accessories and related products. However, the financing options available will vary by product [...]
Sarah Perez
June 3, 2020
TechCrunch
Apple's rewards-based credit card, Apple Card, is offering its first sign-up bonus in partnership with Walgreens. On Monday, June 1, Apple and Walgreens introduced a new offer that will pay consumers $50 in Daily Cash when they get a new Apple Card and spend $50 or more at Walgreens within their first 30 days of [...]
Brian Heater
May 21, 2020
TechCrunch
When Apple added the ability to export transactions via spreadsheet to its credit card, Matthew hit up the folks at Copilot, asking whether they planned to support the feature. The answer was essentially "not yet, but soon." This week, however, it's finally official. The makers of the personal finance tracking app announced that users can [...]
Shawn Knight
April 1, 2020
TechSpot
Apple and Goldman Sachs are extending financial assistance to Apple Card holders affected by Covid-19. Specifically, the companies are allowing Apple Card holders to defer April payments without incurring additional interest charges.
Matthew Panzarino
March 24, 2020
TechCrunch
Apple is updating its privacy policy for Apple Card to enable sharing more anonymized data with Goldman Sachs, its financial partner. Apple's reasoning here is that this will make it able to do a better job of assigning credit to new customers. The data is aggregate and anonymized, and there is an opt-out for new [...]
Jason Cross
February 11, 2020
Macworld
You can't yet directly share Apple Card data with financial planning apps, but you can export a CSV or OFX file and then import it into them.
Jason Cross
January 21, 2020
Macworld
You can't yet directly share Apple Card data with financial planning apps, but you can export a CSV and then import it into them.
Matthew Panzarino
January 21, 2020
TechCrunch
One of the big questions I got around the time the Apple Card launched was whether you'd be able to download a file of your transactions to either work with manually or import into a piece of expenses management software. The answer, at the time, was no. Now Apple is announcing that Apple Card users [...]
Lisa Eadicicco
December 13, 2019
Business Insider
The Apple Card already incentivizes iPhone loyalists to stick with Apple's smartphone, and the new payment plan furthers that initiative.
Adrian Potoroaca
December 11, 2019
TechSpot
If the Apple Card wasn't appealing enough for you before, the company is now offering 6 percent Daily Cash cash back if you decide to purchase new Apple products. This means you get double cash back through the holiday season,...
Sarah Perez
December 10, 2019
TechCrunch
Apple is today launching a new feature for Apple Card which allows cardholders to purchase a new iPhone then pay it back over 24 months with no interest. The company had already announced its plans for the program during its October earnings call, but now the program is actually opening up to all Apple Card [...]
Caroline Lupini
November 28, 2019
Business Insider
With many credit cards, you won't get your card number upon approval; you have to wait until the physical card comes. But that's not always the case.
Sarah Perez
November 25, 2019
TechCrunch
Nike is the latest company to offer 3% cash back to Apple Card users, when they make an Apple Pay purchase using the card across Nike's retail platforms, including its stores, Nike.com, SNKRS, Nike Training Club, Nike Running Club and on the Nike app. The addition is one of what's still a small number of [...]
Kevin Peachey
November 18, 2019
BBC News
Amid probes into Apple's "sexist" credit card, questions are being asked of IT-based financial decisions.
Charlie Wood
November 14, 2019
Business Insider
US presidential candidate Elizabeth Warren and Democratic Senator Ron Wyden called out Goldman Sachs for its response to Apple card sexism allegations
Amanda Becker
November 12, 2019
U.S.
U.S. Senator Elizabeth Warren on Tuesday proposed a new "corporate perjury" law that she would pursue if elected to the White House, inspired by Exxon Mobil Corp's failure to share accurate climate change research with government regulators.
Associated Press via CP
November 11, 2019
HuffPost Canada
Goldman Sachs is taking heat for claims the Apple Card it manages offers higher credit limits to men.
Reuters
November 11, 2019
@bsindia
Read more about Apple Card sparks gender debate, Steve Wozniak flags wife's credit rating on Business Standard. On Saturday, Wozniak said he got 10 times more credit on the card compared with his wife.
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