All you need to know about the new Apple credit card

It’s finally here! The much anticipated Apple credit card is officially being launched in August 2019 and eager customers all over the world cannot wait to try it out. The Apple card was specifically designed to help customers lead a successful and healthier financial life. This is because when you have the Apple card, you will be able to make smarter financial choices once you understand how you can pay less interest.

What is the Apple credit card and how does it work? 

The Apple credit card is a product of Apple inc. and was developed on the basis of transparency, simplicity, and privacy. With the Apple credit card, you can make digital Apple pay payments using your Apple devices such as your iPad, apple watch or iPhone. In addition, Apple will also provide you with a physical card made entirely from titanium and this makes this card the most unique among all credit cards in the market today. pix

Here is all you need to know about the new Apple credit card…

The Apple credit card is a MasterCard

The Apple credit card is part of MasterCard’s international payment network. This means that you can use it all over the world and it will work just like any other credit card.  What is interesting to know is that the physical Apple credit card does not have any MasterCard branding which goes to show how influential Apple is in the market despite being a newcomer.

According to Simon Sule, the Managing Director and Founder of Credit Card Compare NZ, although Apple is likely to take a significant share of the credit card market with its Apple credit card, it is worth noting that Apple is not entering the credit card network business but it is simply becoming another credit card issuer in partnership with MasterCard.

At the moment, it’s not a business card

Currently, the Apple credit card is exclusively a personal credit card. Therefore, you can’t get it for your business or use it to centralise billing since it is directly linked to your iPhone or apple pay.

It has no fees

Apple has made it very clear that the Apple credit card will not have any fees whosoever. This simply means that you will not need to pay any late fees, annual fees, returned payment fees or foreign exchange fees. Another great thing about this card is that the app is designed to encourage you to always pay your bills in full. In the app, you will find several graphics that will show how much interest you will incur if you keep making partial payments.

You will no longer need the 16 digit credit card number

The Apple credit card was designed to make your life easier. This means that you will no longer need to remember a long credit card number since it will not be displayed on your Apple credit card. Instead, Apple will provide you with a virtual card number which will be inside the app. You can choose to keep this number for as long as you like and make payments with it over the phone. This feature is what makes the Apple credit card more secure since your credit card number can’t be stolen.

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