>> Chance Miller <https://9to5mac.com/author/chmiller44/> >> >> One of the most interesting announcements from Apple’s event on Monday was >> the Apple Card >> <https://9to5mac.com/2019/03/25/apple-unveils-apple-card-in-partnership-with-goldman-sachs/>. >> While a number of details about the card were revealed >> <https://9to5mac.com/2019/03/25/apple-card-tidbits-wallet-integration-daily-cash-details-no-fees-more/> >> on Monday, TechCrunch >> <https://techcrunch.com/2019/03/28/how-apple-card-works/> is out today with >> a closer look at Apple Card and how it works. >> >> TechCrunch’s Matthew Panzarino explains that the version of Apple Card shown >> on Monday is Apple’s “version 1.” This means that, much like other Apple >> products, the company will be “iterating on the contest with new features >> and benefits.” >> >> One of the things about Apple Card that Apple touts is that it will offer >> “interest rates that are among the lowest in the industry.” The fine print >> here says that rates will vary between 13 percent and 24 percent, which is >> rather standard in the credit card industry. Panzarino notes of two things >> Apple will be doing to set itself apart here. >> >> For one, there is no “penalty interest rate” on Apple Card. Apple touted on >> stage on Monday that there would be no fees for late payments, which led >> some to speculate that Apple would increase your interest rate if you were >> late. That isn’t the case. >> >> Penalty rates are an increase of your interest rate if you fail to pay on >> time. That is not true. Apple Card has no late fees and no penalty rates. >> You will continue to pay your agreed upon interest rate on your outstanding >> balance, but that rate will not go up. It will impact your credit score, as >> Apple does do standard reporting. >> >> Further, Apple will attempt to “place Apple Card users at the low end of >> their interest rate tier.” This means the company will try to “shift you to >> the bottom of a tier when you qualify” as opposed to having you pay the >> interest rate that correlates exactly to your credit score. >> >> Other details of note include that Apple Card does not require a signature, >> as well as the fact that the physical card has a “fixed number on the mag >> stripe, but you don’t know what it is.” The only thing you see are the last >> four digits. There is also no support for multiple users or shared cards, >> while replacement cards are free. You’ll also have to have two-factor >> authentication setup. >> >> In terms of security, Apple Card will allow you to generate a new credit >> card number at any time through the Wallet app. Furthermore, your CVV will >> refresh at every transaction. >> >> You can hit a button to regenerate the PAN (primary account number), >> providing you with a new credit card number at any time. This is great for >> situations where you are forced to tell someone your credit card number but >> do not necessarily completely trust the recipient >> >> Each purchase requires a confirmation code (CVV) that will refresh every >> transaction. >> >> Last but not least, Panzarino offers some color on why Apple decided to base >> the Apple Card rewards system on cash back instead of points or miles. >> Essentially, Apple wanted “the simplest, most universal benefit structure,” >> which is cash. >> >> Read TechCrunch’s full report on Apple Card here >> <https://techcrunch.com/2019/03/28/how-apple-card-works/>, which offers up >> more detail on Apple Pay Transit and more. Earlier this week, we showed you >> the unique setup process of Apple Card in the Wallet app >> <https://9to5mac.com/2019/03/27/apple-card-activation-ios/>. >> > > > Are you testing an apple beta? want to discuss bugs with other testers? > Then come join a friendly, helpful, laid back community where we can squash > these bugs together, and report them to apple. Subscribe here > public-beta-users+subscr...@groups.io > <mailto:public-beta-users+subscr...@groups.io> > Because of the non disclosure agreement, I have to say if your not a beta > tester, please don’t join the group. >
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