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
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Apple's move into banking raises the bar for fintech, traditional credit cards
(Score: 2) by bob_super on Wednesday March 27 2019, @09:44PM (1 child)
Founding a bank is a criminally stupid misuse of funds : Religions and universities get tax-exempt status.
(Score: 0) by Anonymous Coward on Thursday March 28 2019, @01:10PM
oh bullshit, bank gets to:
- loan you a 1000 dollars
- while having 15 dollars (the required reserve ratio is 1.5% last in our wonderfull fractional reserve system last time I checked)
- yet charge you interest on the full 1000 dollars
tax exempt status is good but does not beat that kind of legal fraud