Apple has launched its highly anticipated Apple Card in the US, which will act as a physical extension of Apple Pay.
Customers will be able to apply for the Apple Card through the Wallet app on the iPhone, and then use it through Apple Pay as they wait for their Apple card to arrive through the post.
Plans for a credit card service were unveiled by Apple at its March 2019 Spring Event, and there have been reports that the UK is due to sign up soon.
Apple has promised that Apple Card will transform the way we use credit cards, offering claims to lower interest rates, no annual fees and no penalties for late payment.
Here’s everything you need to know about Apple Card:
How does Apple Card work?
Powered by Mastercard and Goldman Sachs, Apple Card is both a virtual card and physical card that can be used for both regular and Apple Pay services.
Apple Card boasts zero fees, lower interest rates and flexible repayments. Users can also manage their spending through the Wallet app, and rewards them with a new loyalty scheme called Daily Cash.
In addition, every time you make an Apple Pay transaction, you get two per cent cash back. For Apple purchases, you get three per cent cash back.
The cash back is delivered daily to your Apple Cash balance or to the monthly card as a credit balance if you don’t have an Apple Cash account.
Do you need a pin number for Apple Card?
Security has been a key focus for Apple in the development of its Apple Card, and the company has assured customers that each transaction is private and secure.
To ensure this, there is a one-time security code to protect your unique card number and all transactions are backed up by Face ID or Touch ID.
The card itself also has no card number, no expiration date, no CVV and no signature.
When is Apple Card coming to the UK?
Apple has not yet announced any plans to launch Apple Card in the UK.
However, according to a Patently Apple report, the tech giant has applied for the Apple Card trademark in Europe and Hong Kong, so we could expect a UK launch in the near future.
How to get an Apple card
To be eligible for an Apple Card, your Apple device will need to be running on iOS 12.4. Signing up only takes a few minutes, but unfortunately the registration feature is not yet available in the UK.
What is Daily Cash?
Daily Cash is the unlimited reward scheme available to all Apple Card customers. Essentially, the service pays you daily for any transaction you make using Apple Card.
How much cash back you get will depend on where you use your Apple Card:
- 3% cash back: Apple stores and services
- 2% cash back: Purchases made with the virtual Apple Card
- 1% cash back: Purchases made with the physical Apple Card
