Apple Is Set To Roll Out Its First Ever Credit Card
Apple’s first ever credit card could find its way into people’s wallets as soon as next month says a recent report.
According to anonymous sources cited by Bloomberg, Apple is planning on rolling out the card, a collaboration with mega bank Goldman Sachs, in the coming weeks.
The release would fulfill a timeline set forth by Apple in March when the company first announced the card.
Once released, Bloomberg reports that customers will be able to sign up for the card through their phones’ Wallet app which also contains built in support for those running version 12.4 iOS or newer.
Infrastructure to support the card has already been embedded into the Apple’s new iOS so activating its usage will essentially be at the push of a button for Apple.
Some of the company’s employees have already had access to the card for several weeks.
Bloomberg reports that during the card’s development the two institutions — who have never worked together previously — disagreed on what the outlet describes as the card’s ‘underlying technology.’
Ultimately, those disagreements appear to have been resolved in time to meet Apple’s slated summer release.
For Apple, the decision to roll out a credit card marks yet another step toward expanding its service-based offerings, a facet of the company’s business that has increasingly moved center stage.
In the year ahead, Apple will also roll out several premium services, including Apple TV+, the company’s Netflix rival, and Apple Arcade, for streamable online video games.
Apple Card will not have any annual or late fees, and boasts interest rates that are ‘among the lowest in the industry,’ Apple says.
Notably, all of the identifying information usually printed on the card itself, apart from the owner’s name, is now stored in the Apple Wallet.
According to Apple, this ‘can be used right away for purchases using Apple Pay, to put toward their Apple Card balance or send to friends and family in Messages.’
A higher reward of 3 percent cash back will go to customers who use Apple Card on the firm’s services, be it purchases at the Apple Store or the App Store.
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