Introduction to all functions of Apple Card
This credit card was developed by Apple in cooperation with investment bank Goldman Sachs, so it is not completely without a bank account. However, despite the cooperation with traditional banks, Apple has also done some interesting things through Apple Card, which is worth talking about in detail.
Apple card+wallet
One of the most interesting details about Apple Card is that it is highly integrated with the "wallet" application on iOS. Apple said that their goal is to help you learn more about your consumption in a shorter time. For example, the company is using a combination of machine learning and location services to make bills clearer.
For example, if you have a spending of $46.32, the traditional credit card can only look up the name of the merchant on the bill and then remember where you spent the money. Apple Card uses maps to determine where you bought things. There is no mysterious business organization code. Needless to guess, the name of the store and its location on the map are directly realistic.
The "wallet" application has some new functional designs to adapt to the Apple card. For example, you can click on a single transaction to view detailed information, such as price, daily cash, transaction category and location on the map.
Apple also learned the three-ring system from Apple Watch, so that you can intuitively understand your own expenses, installment interest, balance and other information.
The wallet will also provide advice to help avoid unnecessary expenses. You can also set up automatic repayment weekly or biweekly to manage your expenses.
Apple explained:
"The best way to reduce credit card interest is to repay in full every month. If you can't do this, Apple Card will help you calculate how much money you still need to pay and how much interest you need to pay. Select the amount you want to pay-such as $530, $780, $65,438+$0025-and then Apple Card will calculate your interest. "
Btw: For Americans who rely on credit cards, this is a very good function, but domestic users may not feel so obvious about it.
The new function of wallet also makes it easier for you to view your expenses by category. Each category has a color, and you can view the daily, weekly or monthly expenditure details. This will make it easier for you to see where you spend the most and where you can cut back.
About cashback
The most interesting detail of Apple Card is its cashback mechanism. Apple said that customers will get "daily cash" when shopping with Apple cards. Cash back will be deposited directly into Apple Pay cash card. Use it to pay off debts, or directly transfer it to your bank account.
1) You can get 3% cash back when you buy Apple software and hardware products in Apple Store, Apple retail store, Apple website, Apple App Store or iTunes. Including games, in-app purchases, Apple Music subscriptions, and even additional payments for iCloud storage plans;
2) You can get 2% cash back when you buy things with Apple Pay every day, and there is no category restriction. As long as you use this card, whether it is a supermarket or a taxi, it is equivalent to a 98% discount.
3) If you happen to meet a store, website or app that doesn't accept Apple Pay, (entity) Apple Card will still refund you 1% of the consumption amount in the form of daily cash back.
The annual fee of this card is 0, with 1-3% cashback. This is a waste of money for users, especially when subscribing to iCloud storage space and buying applications in the App Store. Apple's 3% return is still very attractive.
Stealing brush detection
If Apple finds a potential stolen brush, it will send you a push notification immediately. Users can report the problem quickly, or mark it as "OK" to indicate that there is no stolen brush.
Apple Card also integrates Apple Business Chat function. Users communicate directly with customer service through iMessages, so if you need to report the problem of stolen brush, just send a text message, and there is no need to call.
About the cost of this card
Apple said that Apple Card "does not charge any fees, even hidden fees", but this does not include credit card interest. Apple said that the variable annual interest rate will be between 13.24% and 24.24%.
If you miss the repayment, although the principal is not overdue, the interest will increase at a faster rate.
That beautiful physical card
Electronic credit cards without physical cards were not initiated by Apple. Moreover, the Apple card actually has a physical card, which is a laser etched card made of titanium. Although Apple didn't say it, we guessed that this card was used by a self-service gas station or in an environment that doesn't support Apple Pay.
Different from the traditional card, this card itself has no card number, expiration date or security code, only the Apple logo and user name are engraved, and there is also a credit card chip. Account information is also stored in the wallet App synchronously. MasterCard is the card issuer, so you can use it all over the world as long as you support MasterCard.
Apple Card will be launched this summer and can be applied directly in the wallet app, but at present, Apple has not announced when China users can apply.