Apple has announced the launch of its first physical credit card with Goldman Sachs at Apple's annual spring event at its headquarters in Cupertino, California on Monday.
New Delhi: Apple has announced the launch of its first physical credit card with Goldman Sachs.
The announcement was made at Apple's annual spring event at its headquarters in Cupertino, California on Monday.
The credit card comes with features that customers are bound to love — no international fees, no over-limit and no hidden charges. The card also has reward programmes attached to its usage and offers everyday rewards called Daily Cash, by which Apple Pay users can get a two percent cash back.
For all purchases made through the Apple store, iTunes, or other Apple related products, a three percent cash back has been offered.
Aptly named the Apple Card, it is white, made of titanium and has no number or security code and is embossed with the Apple logo. The physical card is to be used where Apple Pay via iPhones is not accepted by merchants.
The ‘no late fees’ feature on the cards was added to help customers avoid extra financial burden from credit card bill payments. Industry analyst Ted Rossman said that he is unimpressed with the benefits that are being offered by the Apple Card.
Rossman tweeted, “Frankly, I'm underwhelmed. People will sign up for it, but that will be mostly because they love Apple, not because this card is better than anything that already exists. For example, Citi Double Cash is a very simple, easy-to-use 2% cash back card. And that's on everything (not just Apple Pay purchases)."
Apple's most devoted fans will probably be interested, but in terms of rewards and financial management tools, nothing really new with Apple Card for the average consumer #AppleEvent— Ted Rossman (@tedrossman) March 25, 2019
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Last Updated Mar 27, 2019, 1:45 PM IST