Apple is launching a new credit card product. Though it is optimized for Apple pay, you may use it in other platforms too. Since virtual credit cards use is on the rise, it is good to understand the main features of this new product by Apple. We will discuss the features and benefits of the apple credit card to make you understand how they work and how you can benefit from using them.
Here is all you need to know about the new apple credit card;
- Sign up
There is a prequalification application process such that when you log on to the apple wallet app, you can easily apply for the credit card. You may activate the digital card and start using it immediately for digital purchases. For you to use the card at the physical point of sale, you will have to wait for the physical card which Apple will ship to you within a few days. Apple card can also be used at any outlet that accepts MasterCard since they are partnering with Apple. This makes it a convenient way to shop since MasterCard is available worldwide. You may find more information online at https://en.wikipedia.org/wiki/AppleCard.
Due to the rising cases of fraud in using credit cards, especially in online transactions, there are enhanced security features in this card. The use of face identification or touch identification makes it possible for one to ensure maximum security when transacting. For authorization of the transaction, one will use either of the above identification processes. This ensures that only the cardholder will be able to use the card. A two-factor authentication process is in place when applying for the card. This makes it more secure.
- Reward program
To attract more customers, there is a reward system for using the apple card. You get rewards for using the card at various Apple online stores including iTunes and other merchants. A two percent cash back reward applies when you use the card at any Apple stores, and one percent when using the physical card at other merchants. They pay via apple cash which you may use to pay the credit card bill, or you may transfer to your bank account.
- Credit limits and fees
The credit limit will vary from one person to another depending on your credit score. You may improve your credit rating to get a higher credit limit. Though there are no transaction fees, over the limit, or annual fees on the card, you will incur interchange fees that the vendors may charge. In this case, MasterCard determines the interchange fee.
- Budgeting and tracking expenses
You will get a report on your spending and the expenses on a weekly and monthly basis. This can help you reduce spending and budget even better. You will get a notification for every purchase you make with this card. This way, in case of any fraudulent transaction, you can easily stop payment, and prevent further fraudulent transactions on the card.
The apple card is launching in the US but will expand to other countries too. It is one of the easiest ways to get a credit card. Due to the authorization verification process, it is also one of the safest means of making online transactions. It is also not easy to skim the card hence just like all other virtual cards, it is more secure.