Announced back in March, the Apple Card is finally here, at least for some iPhone users, with broader availability expected for later this month. Apple’s credit card product is a joint venture with Goldman Sachs and will be initially available in the US, with other markets to get it down the line.
You won’t have to do anything to get the card early, The Verge explains, as long as you have already signed up for notifications. People will be chosen randomly to sign up on Tuesday, although Apple won’t reveal how many people will be included in this phase of the launch. Apple also published on YouTube a large selection of How-to videos that tell you everything you need to know about the Card (you can see all of them below).
Once selected, users have to make sure they have iOS 12.4 installed on their iPhone to proceed with the registration. Information including address, birthday, income level, and the last four Social Security Number digits have to be entered in the form. The data is shared with Goldman Sachs, which will approve or decline the application in real-time, in less than one minute.
After approval, the Card will show up in the Apple Wallet and will be ready to use. You can, of course, order the free titanium card, but that one will take a while to ship. When that Card arrives, you’ll have to tap the envelope’s NFC tag to activate and start using the physical Card.
One of the neat features of the Apple Card is the ability to generate virtual credit cards numbers, which could be useful for online purchases. Additionally, the number of the iPhone credit card differs from the physical Card.
This should make it a lot harder for anyone to compromise your Apple Card. If you need to disable one, you can do so from the Wallet app. Canceling the Card, meanwhile, is done via Goldman Sachs, not Apple, which handles the financial part of the deal.
The Wallet app, meanwhile, also delivers plenty of information about spending, including statistics, and options for setting payment schedules. The app uses machine learning to analyze and categorize purchases, which happens locally, on the phone.
The Card has no late, annual, or international fees. The APR starts at 12.99% and goes up to 24.99%. Apple offers cashback anywhere between 1% and 3%, depending on where you spend money. Paying for Apple goods will get you that top 3% tier, while Apple Pay transactions are at 2% cashback.
