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10 Things You Didn’t Know About The Apple Credit Card

The Apple Card is a digital card that lives in the Wallet app on a cardholder’s iPhone. Pegged as the latest in credit card technology, iPhone users are flocking for the opportunity to try this latest development in technological convenience. For those who prefer to have something tangible in-hand, cardholders have the option to request a physical titanium card.

The convenience of making seamless purchases with your phone is now an expectation and the Apple Card will not disappoint. However, this was created with the iPhone user in mind, leaving Android users in the dark, and like all new technology, we can easily identify some glitches. There are a few things users should understand before pursuing this technology. Things aren’t always as simple as meets the eye. Let’s take a look at 10 Things You Didn’t Know About The Apple Credit Card…

10 Exclusive To iPhone users

While this may be stating the obvious, it’s obviously important to state! If you’re not an iPhone user, this technology is not accessible to you at all. We’re certain that android will soon follow suit and create a similar concept for their users, but for the moment, they’re left out. If this is an effort to convert android users to the Apple platform, it may take more than this. Android users are smart enough to know that they will experience their own method of internal app-based payments eventually, and likely won’t invest the big bucks in the transition to an iPhone for this reason alone. iPhone users will not be able to transfer credits to friends or family that use Android systems.

9 Apple Cash-Back Program

The cash-back program associated with the Apple card is – you guessed it – for Apple products only! The card is tailored for the brand, and the cash-back incentives apply to products and services that are associated with Apple only.

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Users can earn 3% cashback on good purchased direction from Apple retail or online stores, 2% cashback on Apple Pay products, and 1% cashback on other purchases. Cash-back systems essentially put the cashback on your “card” and it’s designed to encourage you to use it towards more Apple products and services.

8 Gone Are the 16 Digit Numbers

Long-gone are the days of a 16- digit number on a credit card. Well, they’re long-gone to Apple Pay, that’s for sure. For those who opt to have the physical card, they will immediately notice the traditional 16 digit numbers and CVC code do not exist. The shift from the traditional mode of using a card may be a difficult one for some. The credentials of the physical card are stored within the chip itself, so it will be sufficient for an Apple-related purchase, but you won’t be able to go on-line and enter a credit card number to process a transaction using this conventional method.

7 It’s Truly No-Fee

Many cards claim low fees or have reduced fees as part of a short-term promotion. The Apple Card is one of the very few cards that can truly be considered to be “no fee.” There are no annual fees or foreign transaction fees that cardholders have to worry about. The best part is that there are actually no late fees that are applied, either. This card is perfect for those who often miss payments or have irregular work that affects short-term finances. Not many cards offer this level of flexibility.

6 Keep Tabs On Interest

This new system gives you a lot more power and flexibility at your fingertips. More than we’ve ever seen before, with traditional credit cards, that’s for sure. Each time you make a payment, there’s a little “payment nudge” that appears, letting you select a payment amount and enabling you to select the dollar value of your payment and quickly be able to see how much interest you’d be charged for that amount. You can keep adjusting the dollar value of your payment to see how the interest fluctuates, giving users a much clearer sense of their finances, and giving them a broader sense of debt management.

5 Different “Cash” Options

Aside from the fact that it can seamlessly be used and managed from your phone, the biggest appeal for this card is the fact that the daily cash feature is flexible in the different ways it can be used. It can be spent the same way as cash through Apply Pay, and can be transferred to your bank account, or applied to the statement as a credit balance to be used for future use. The bonus feature is that it can also be sent to friends via iMessage. Clearly the higher-ups have tried to make this an ever-evolving Apple-purchasing cycle, and have succeeded in further expanding and solidifying their brand.

4 Monitoring Spending & Debt

The convenience behind this experience is truly one-of-a-kind. The Apple Card essentially provides a colour-coded & categorically organized snapshot of the user’s spending history. The best part - this is represented in real-time. At a quick glance, Apple Card users can view their purchases on their phone, and can easily locate their transactions by searching for the particular colour that represents the category they have shopped in. Singular transactions are easy to locate, and spending can also be tracked weekly or monthly.

3 Advanced Security

Security is always the main focus when it comes to the introduction of new credit card technology. The physical card is secured with chip technology, but what about the app version of this card?

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Digital trend reports that Apple uses advanced technology to safeguard privacy. Every transaction requires authentication by use of your device number and a one-time security code. Face ID or Touch ID are required for the transaction to complete successfully.

2 Tech Spies

In order to access Apply Pay, users will need to download the latest version of the iOS software. Personal information will have to be entered, inclusive of the last four digits of the social security card number associated with that user, and address information. This information is then sent to a bank called Goldman Sachs for approval. However, what users may not be fully aware of is the fact that this information is being stored by them and they have the right to use that data for their own purposes. There is no such thing as anonymity in the digital world!

1 Customer Service Learning Curve

Apple has been around for a while and has mastered its customer service strategy. According to AppleWatch, however, Goldman Sachs is diving into new waters with this being their first credit card experience. Their customer service platform has just been rolled out and has not yet been tested. If there are several customer services issues to contend with, or a glitch in the system occurs, there will be a learning curve for them to contend with, which results in increased pressure on their systems and frustration for their customers. Whether or not they will be able to handle the influx of customer service calls is yet to be established.

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