Apple Inc (NASDAQ:AAPL) is pleased to inform its customer base about the availability of Apple card. The business giant made the announcement on Tuesday saying that it’s a great opportunity for all its U.S customers.
Apple’s perspective regarding the latest development
Even with the full launch of the latest iPhone- integrated credit card, only a few customers got invites to make applications. This happens to a joint venture deal with Goldman Sachs Group Inc (NYSE:GS). The preview period was necessary to see the reception among the customers.
Apple encourages iPhone users to make their applications through the Wallet app; this exercise will take just a few minutes. In a short while, customers will be using it with Apple Pay in the various stores, websites, and apps.
An official working with Apple says the card doesn’t carry any fees. However, those that fail to pay their full balance will be subjected to a 12.99% to 23.99% variable APR. This will be on the basis of their creditworthiness.
Apple says it will also extend the card’s 3% “Daily Cash” policy to a wide range of apps and merchants. Uber and the Uber Eats fall are part of those that fall here. The rewards program is clear-a percentage of each purchase goes to the customer. This Apple card means well for customers, according to analysts. The business leader in August urged customers to move fast with the application of the card.
Apple has also been into elaborate talks with Goldman Sachs. It wants Goldman Sachs to approve over 100 million of its product users living in the U.S. for the card. However, it recognizes the need to observe the bounds of responsible lending and regulation. Goldman Sachs seems to be cooperating in this initiative. This is considering that even those users with less-than-stellar credit scores have been able to submit their applications successfully.
The drawback associated with the card is that it doesn’t have the financial wellness tools like the “payment nudge” for instance. Such tools, for instance, help the users know the rates they would be charged over a given period. However, the user can track his/her weekly spending because of the provided detailed spending information displays.