Over this weekend, Benjamin Geskin posted on Twitter stating that a group of employees have received their own branded Apple Card credit cards as part of a semi-private beta. Geskin posted some photos of the card units, but he has photoshopped over the engraved name to supposedly hide the source’s identity.
As we previously reported, when a customer receives the Apple Card it will be delivered in a vibrantly-coloured packaging that includes a hidden NFC tag. To activate the Apple Card, the user must open their Wallet app and hold their iPhone near the NFC tag embedded in the Apple Card packaging.
This automatically activates the Apple Card credit card directly from the Wallet app with the physical card.
The Apple Card itself is made of titanium and Apple engraves the customer’s name on it, into the metal. The card does not feature anything else, except the customer’s name, the chip and the Apple logo on the front. No expiry dates and account numbers are featured or included somewhere hidden. The back of the card includes the Mastercard and Goldman Sachs’ logo, who serve Apple’s banking partners for the Apple Card service.
We also previously saw the Apple Card setup process, which looks similar to how a user pairs the AirPods to a phone.
Apple supports that the Apple Card has no fees, like late fees or currency foreign exchange fess. Interest rate changes between 13-24% depending on an individual’s credit rating. The Apple Wallet app includes several features to help spender’s pay off their debt and keep interest payments low, so people know what they will owe at the end of each month upfront.
Apple wants most Apple Card transactions to happen electronically, using contactless Apple Pay. Apple Card includes “Daily Cash” cashback: 2% for all Apple Pay transactions, 3% for any Apple purchase, and 1% for purchases made with the physical card.
The titanium physical card acts as a status symbol and a fallback payment method for buying items in places that do not have any contactless transaction facilities.
Apple Card will be coming in the U.S in this summer.
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