Apple announces 'Apple Card,' coming to U.S. this summer

Jennifer Bailey vice president of Apple Pay at an announcement that it would release its own credit card called Apple Card

Apple updates news app, digital wallet; set to enter video streaming

As part of a new emphasis and Apple services, some analysts speculated an Apple credit card would have little impact on the company's bottom line.

And that's how what was once old - and mocked by Tim Cook - is new again for Apple.

The company said it's learned a lot about credit cards since it has been offering the Apple Pay mobile payments app. Purchases with this card get users 1 percent cash back.

This press release features multimedia.

In late August 2017, Apple had position postings for Apple Pay in the single digits. That makes it easy for customers to use the card for payments with all their Apple devices and for purchases both in retail stores and online. For starters, it'll help you track your purchases more easily by using machine learning and Apple Maps in order to "translate" the names of merchants in your purchases log. "Purchases are automatically totalled and organised by colour-coded categories such as Food and Drinks", said Apple.

For every Apple Card purchase, you'll receive a percentage back as "Daily Cash", which you'll be able to use or apply to your balance "right away".

One trend that we did not talk about, but that job-listings data saw coming, was a development for Apple Pay.

Looking to turn heads in the payments world, Apple will offer cash-back rewards daily to Apple Card customers, a change from monthly rewards from most other cards.

Apple (aapl) said the card will have no annual fee, no late fees, no over-limit fee, and no global fees.

Apple Inc. CEO Tim Cook speaks during a company product launch event
Apple Inc. CEO Tim Cook speaks during a company product launch event

In fact, the integration is so nicely done that you can simply message Apple to manage your Apple Card.

"I definitely see why Apple is doing this: they want to juice Apple Pay usage (Crone says PayPal/Venmo has 267 million users versus 32 million for Apple Pay)", Rossman wrote. The unique security and privacy architecture created for Apple Card means Apple doesn't know where a customer shopped, what they bought or how much they paid.

Apple and Goldman Sachs are joining forces in the consumer credit business, launching the Apple Card credit card for iPhones.

For Goldman, the deal marks another incursion into the consumer market.

It's a refreshing new take on something we accept for granted. The card can be used to make payments worldwide as well.

There is also no confirmation on the interest rate - just Apple's assertion that the rate will be lower, he said. The card is made of titanium and contains no card number, no security code, and no owner signature.

The credit card was created by Apple to "help customers lead a healthier financial life", said the company. You can sign up now on Apple's website to be notified when it's available.

Finally, for places where Apple Pay is not supported, Apple actually also unveiled a physical credit card.

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