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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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JD Alois
July 13, 2021
Crowdfund Insider
Click HERE to find out ⭐ Apple Plans Buy Now, Pay Later Service in Partnership with Goldman Sachs: Report. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Lisa Eadicicco
June 7, 2021
Business Insider
Apple wants the iPhone to replace your keys, driver's license, and office building pass in iOS 15, making the iPhone feel more essential.
Carrie Mihalcik
June 2, 2021
CNET
The iPhone maker says Apple Card users may not be able to make payments or see recent transactions.
JD Alois
April 20, 2021
Crowdfund Insider
Click HERE to find out ⭐ Apple Says Apple Card Launch Best Ever for Credit Card, Adds Apple Card Family Feature. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Ingrid Lunden
April 20, 2021
TechCrunch
Apple has been slowly building a position for itself as a financial services giant, banked around its digital wallet for storing a user's payment cards and the launch of its own Apple Card in 2019. Today during Apple's spring event, the company announced the newest chapter in that functionality: the launch of Apple Card Family, [...]
Ian Carlos Campbell
March 24, 2021
The Verge
The New York State Department of Financial Services has found that Goldman Sachs is not discriminating against Apple Card applicants on the basis of sex or marital status. Regulators initially began investigating the bank because of tweets complaining about unequal credit limits.
Sarah Perez
March 23, 2021
TechCrunch
The New York State Department of Financial Services (NYDFS) released a report today that cleared the Apple Card credit card program of discriminatory practices and specifically, gender-based discrimination, following an investigation triggered by online complaints back in November 2019. At the time, tech entrepreneur David Heinemeier Hansson had called out Apple Card program, jointly run by [...]
Sarah Perez
February 20, 2021
TechCrunch
Welcome back to This Week in Apps, the weekly TechCrunch series that recaps the latest in mobile OS news, mobile applications and the overall app economy. The app industry is as hot as ever, with a record 218 billion downloads and $143 billion in global consumer spend in 2020. Consumers last year also spent 3.5 trillion minutes using apps on Android devices [...]
Alicia Phaneuf
February 4, 2021
Business Insider
The credit card industry is going through a major shake-up. Emerging payment technologies are creating new winners and losers. Business Insider takes a look at the credit card marketplace and analyzes the major trends in 2021.
Tonna Obaze
January 26, 2021
Business Insider
Jarad Fisher, former lead executive of Apple Card, will become Dave's first chief commercial officer focused on product strategy and partnerships.
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 [...]
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