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Disrupting Credit Card Space: Apple Launches Card With Zero Late Payment Penalty, No Annual Fees, Regular Cash Back
Apple Card (Website/Apple)
American technology giant Apple Inc, on Monday (25 March) launched its long-rumoured credit card “Apple Card” in partnership with global payments network Mastercard and investment bank Goldman Sachs.
“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “Apple Card is designed to help customers lead a healthier financial life.”
Apple promises to “transform” the entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security. Also, users will receive a percentage of every Apple Card purchase amount back as Daily Cash.
“Every time customers use Apple Card with Apple Pay, they will receive 2 per cent Daily Cash. Customers will also get 3 per cent Daily Cash on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services,” the company said.
Unlike traditional credit cards issued by banks, Apple Card will not attract fees: no annual, late, international or over-the-limit fees. “Apple Card’s goal is to provide interest rates that are among the lowest in the industry and if a customer misses a payment, they will not be charged a penalty rate,” the company added.
Not In India, For Now
However, the company did not clarify if the Apple Card will be available in the Indian market. At the time of writing, no reference was made to the new Credit Card in Apple’s India website.
At the event, Apple also launched new subscription services across new (Apple News Plus), television (Apple TV Plus and Apple Channels), and video games (Apple Card) segments.
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