Apple virtual credit card: All you need to know
New Delhi : Apple, the American multinational technology company has launched a credit card for Apple Pay users. Dubbed as Apple Card, the card is made in collaboration with Goldman Sachs and Mastercard.
What is Apple Virtual Credit card?
As the name suggest, Apple virtual credit card is a plan and simple card which has its existence in digital form within the Wallet app on your iPhone. Users can set it up within minutes on your iPhone and use it to make payments wherever Apple Pay is supported.
Why should you use Apple Card?
By using Apple virtual card, you can simplify checking out your payments history. Instead of having meaningless gibberish populating your purchase history, Apple uses machine learning and purchase location to figure out merchant name and lay it all out in an easy to read format. The app will also classify your purchases into categories, such as shopping, entertainment, etc. There are also weekly and monthly spending summaries available to see.
Apple card will also have a 24x7 support staff available that you can reach through iMessage.
Apple Card also gives you daily cash rewards instead of points. For every purchase you make, you get 2% Daily Cash, which is added to your Apple Cash card each day for you to use with Apple Pay. If you make any purchases with Apple, such as in an Apple Store, App Store, iTunes, etc., then you get 3% Daily Cash.
The Apple Card has no fees like other credit cards. Apple doesn't charge you any annual, late, international or over-the-limit fees. There's also an interest calculator within the app to show you how much interest you will be charged depending upon how you to choose to pay your bills. You will always be billed on the last day of the month and you can choose to pay monthly or biweekly.
In terms of security, Apple card stays on your device within the Secure Element chip used by Apple Pay. Every transaction is authorized by Touch ID or Face ID and uses a one-time unique dynamic security code for authentication. Also, this card is machined out of titanium and will only have your name and a chip on it, with no other information, making it more secure than your average credit card.
Meanwhile, Apple Pay users need to wait for sometime till the card featute become functional. Till then, stay tuned with us!