The company that revolutionized smartphones is now trying to change the credit card industry.
Apple has introduced its first-ever credit card, called the Apple Card, offering daily cashback rewards, no late fees and lower interest rates. It’s one of several new products the tech giant announced Monday at a star-studded event in Cupertino, Calif., that also unveiled a TV service, shows and news subscription service.
Apple Card, coming this summer, is an extension of the Apple Pay, the mobile payment and digital wallet service that launched in the fall of 2014 and works by linking it to a credit or debit card you already own. The Apple Card, of course, eliminates the need for outside banks and companies.
Calling the card “innovative,” the brand said in a release that it’s “designed to help customers lead a healthier financial life.” Like Apple Pay, it’ll be built into the Apple Wallet app on iPhones. For spots that don’t yet accept Apple Pay, customers will have a physical titanium Apple Card. For patron protection, that card will not be printed with a number, CVV security code, expiration date or signature.
“Apple Card is more secure than any other physical credit card,” the company states. “All this information is easily accessible in Wallet to use in apps and on websites.”
Unlike other credit cards, which usually make customers wait until the end of a monthly billing cycle to cash in on rewards points, Apple Card releases rewards as Daily Cash each day that can be used right away for purchases, applying it toward Apple Card balances or even sending to friends and family in the Messages app.
But those using the titanium card won’t accumulate rewards points as quickly as those using their phones to pay. For every purchase customers make with Apple Card via Apple Pay, they’ll get 2% Daily Cash. Those paying with the physical card will only get 1% Daily Cash. Users will also get 3% Daily Cash on all purchases at Apple Stores, on the App Store and for Apple services.
Amazingly, the Apple Card also promises 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,” states the tech powerhouse.
Late or missed payments will result in additional interest on the customer’s balance. The app will show the interest cost on different payment amounts in real time.
Also new is Apple TV+, an upgrade to the company’s video subscription service that will give users access to exclusive and original shows, movies and documentaries. Those in the entertainment industry who have already signed on include Oprah Winfrey, Steven Spielberg, Jennifer Aniston, Reese Witherspoon, Octavia Spencer, J.J. Abrams, Jason Momoa, M. Night Shyamalan and Jon M. Chu.
“We’re honored that the absolute best lineup of storytellers in the world — both in front of and behind the camera — are coming to Apple TV+,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. Apple TV+ is set to launch this fall and will compete with other streaming services churning out original work like Netflix and Amazon.
“Amazing Stories,” the fantasy horror series created by Spielberg that originally ran on NBC from 1985 to 1987, will return as a revival on the streaming service.
Also on deck is “The Morning Show,” a drama series debuting this fall about the people who work on those programs. It’ll star Jennifer Aniston, Reese Witherspoon, Steve Carell and Billy Crudup.
And the subscription service Apple News+, available today in the U.S. for $9.99 a month, will offer 300 magazines, newspapers and digital publishers into a curated experience in the Apple News app. Apple vows it’ll feature “the best and most relevant articles to meet any range of interests from renowned publications such as Vogue, National Geographic Magazine, People, ELLE, The Wall Street Journal and Los Angeles Times.”
