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Apple has started issuing Apple Card invites to a few customers who wanted to avail of the credit card program that was announced in March of this year. Goldman Sachs is the issuing bank and users will need to be approved through the Apple Wallet app and Apple Pay system before they can start using the card to make purchases and pay bills.
Those select consumers can sign up for the Apple Card via the Wallet app on their iPhone and also apply for the physical titanium card, which can be used in regions where Apple Pay is not supported. The card displays only your name, the Apple logo, and the chip as part of Apple's effort to make it more secure than traditional credit cards. Your Apple Card data remains accessible via the Wallet app anyway.
Still, as part of Apple's security measures for the card, your purchase history is stored only on your iPhone, meaning not even Apple will be able to see it. For Goldman Sachs, the card data is off-limits to any marketing purposes, even for its own products.
Through the Daily Cash feature, Apple is offering a 2% cashback when you purchase using Apple Pay and up to 3% on direct purchases from Apple. Plus, there's no limit to how much cash you can get back in a given day.
Source: Reuters
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