Apple’s special media event last week was unique for a variety of reasons. Though Apple didn’t introduce anything groundbreaking or revolutionary, the event saw Apple jump head first into a number of new markets. Naturally, Apple’s foray into the world of original TV programming generated the most amount of buzz, but the company’s brand new credit card is intriguing in its own right.
Per usual, there’s only so much time for Apple to spend on any one topic during one of its media events, which is to say that there were a few notable details about the company’s upcoming credit card — dubbed Apple Card — that didn’t manage to make it into the keynote. With that said, we’ve compiled a few worthwhile tidbits about the card that have since come to light over the past few days.
First off, let’s talk interest rate. Apple during its keynote presentation said that it would offer an interest rate “among the lowest” across the industry. While intriguing, the interest rate will be what you’ve seen before, which is to say somewhere in the 13-24% range. That said, TechCrunch points out that “Apple will place users who sign up at the lower end of the tier that they land in due to their credit score.”
Apple’s presentation on the Apple Card was a little rushed and, as a result, a tad confusing with respect to the virtual vs physical card aspect. In short, the Apple Card will reside in a user’s wallet app and will include a virtual card number and cvv for any purchases a user may want to make over the phone. A physical card, as you would expect, can be used anywhere you’d normally use a credit card, though the cash back rewards are greater if you use the Apple Card on your iPhone as opposed to the physical card.
What’s interesting, though, about the virtual card number generated by the iPhone is that you can create a new one. As far as security goes, this is incredibly helpful. To this point, TechCrunch notes:
But you can hit a button to regenerate the PAN (primary account number), providing you with a new credit card number at any time. This is great for situations where you are forced to tell someone your credit card number but do not necessarily completely trust the recipient.
As far as signing up is concerned, people briefed on the matter have relayed that the sign-up process will just take a few minutes and can be accomplished right on the iPhone itself. What’s more, any customer service issues that arise can be handled by contacting Apple support at any time via text message.
So when will the Apple Card make its illustrious debut? Apple played fast and loose with the details, but we can expect it to launch sometime this summer. If you want to make sure you’re one of the first to get the Apple Card, you can head on over here to Apple’s website and hit the “Notify Me” option in the upper right hand corner.