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posted by martyb on Wednesday March 27 2019, @12:28AM   Printer-friendly
from the what's-the-catch? dept.

Apple announces Apple Card credit card

At Apple's "show time" services event today, it announced a new Apple Card credit card, promising to improve things about the credit card experience with simpler applications, no fees, lower interest rates, and better rewards.

To get an Apple Card, users will be able to sign up on their iPhone in the Apple Wallet app and get a digital card that they can use anywhere Apple Pay is accepted "within minutes." Customers will also be able to track purchases, check balances, and see when their bill is due right from the app. There will be a physical titanium card, too, but there's no credit card number, CVV, expiration date, or signature. All of that authorization information is stored directly in the Apple Wallet app.

Apple also says that it'll use machine learning and Apple Maps to label stores that you use in the app, and use that data to track purchases across categories like "food and drink" or "shopping." [...] Like many of Apple's products, privacy is a big push here. "Apple doesn't know what you bought, where you bought it, and how much you paid for it," said Jennifer Bailey, VP of Apple Pay. All of the spending tracking and other information is stored directly on the device, not Apple's servers. The company also promises that "Goldman Sachs will never sell your data to third parties for marketing and advertising."

Other companies have offered 3-4% cash back for certain purchases.

Also at Ars Technica.

See also: Apple's 2%-cash-back credit-card rewards are interesting, but I'm convinced people are overlooking the best part
Apple's new credit card holds a lot of promise, but read the fine print before signing up
Tim Cook says Apple Card is a game changer. Experts are not so sure
Apple's move into banking raises the bar for fintech, traditional credit cards


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  • (Score: 5, Interesting) by Whoever on Wednesday March 27 2019, @03:20AM (1 child)

    by Whoever (4524) on Wednesday March 27 2019, @03:20AM (#820477) Journal

    This is obviously a complete lie. The entire payment service is administered by Apple, and there's no way to do it without knowing who to transfer money from, and who to transfer money to.

    Yes, it's hard to reconcile that claim with another claim in the article:
    'Apple also says that it’ll use machine learning and Apple Maps to label stores that you use in the app, and use that data to track purchases across categories like “food and drink” or “shopping.” '

    They can track your use without knowing anything about your use! Some deep magic there! Perhaps this is the start of Tim Cook's attempt to develop a reality distortion field?

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  • (Score: 3, Insightful) by c0lo on Wednesday March 27 2019, @07:22AM

    by c0lo (156) Subscriber Badge on Wednesday March 27 2019, @07:22AM (#820534) Journal

    Perhaps this is the start of Tim Cook's attempt to develop a reality distortion field?

    Let's be frugal in our expectations, lest he disappoints.
    Let say "a distortion field" for now and let the "reality" for later.

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0