At an event in California on Monday, the tech giant unveiled a brand new ‘Apple Card’ in partnership with Goldman Sachs. It’s built directly into the Apple Wallet app and works with Apple Pay.
The laser-etched titanium card has no account numbers, no expiry date and no CVV code on the back. At the moment it’s limited to the US but is expected to land in the UK in due time.Apple Card provides cashback for usage and also introduces new ways to manage spending. For example, it could track where you shop with a heat map to show you, via Apple Maps, that you’re dropping too much into the coffers of Costa Coffee.It also makes budgeting a lot easier.
Jennifer Bailey, vice president of Apple Pay, speaks during an Apple product launch event at the Steve Jobs Theater at Apple Park The card charges a variable interest rate of between 13.24% and 24.24% which is also pretty unremarkable in the wide world of credit card options.What might appeal to potential customers is the commitment to privacy. Apple explained that a unique card number is created on an iPhone for the Apple Card and stored safely in the device’s Secure Element, a special security chip used by Apple Pay.