Apple Card: No-frills digital credit card with rewards, daily cash benefits

Cupertino, US-based technology giant Apple on March 25 introduced the Apple Card, a digital credit card bundled with reward programmes and daily cash benefits. Built into the Apple Wallet app on iPhone, the digital credit card has several advantages compared to physical credit cards. Some of these benefits are that it is easy to apply, there are no late fees, over-the-limit fees, international fees, and there are very low interest rates. Importantly, the Apple Card stores all the information related to user and transactions in the phone – not on Apple servers – making it a secure digital payment service.
Apple Card uses machine learning and Apple Maps to label each transaction with merchant names and locations. Purchases are automatically totalled and organised by colour-coded categories like food and drinks, shopping, entertainment, etc. The Apple Card also provides weekly and monthly spending summaries, making it convenient for customers to understand their spending habits.
The Apple Card comes bundled with daily cash benefits, in which two per cent of every Apple Card transaction using Apple Pay is credited back as Daily Cash. Unlike other cash back rewards, the Daily Cash is added to customers’ Apple Cash card each day and can be used for purchases using Apple Pay. On transactions at Apple, including Apple Stores, App Store and other Apple services, a user gets three per cent Daily Cash. Read More

Article Source -> Business Standard