Apple credit card UK: What is the Apple Card? When is the release date?

Apple is hoping to change the way people bank with Apple Card 
Georgia Chambers11 November 2019

Apple wants to change the way people spend money with its white titanium Apple Card.

Launched in the US earlier this year, this is one of Apple's first ventures into financial services with the physical extension of its Apple Pay platform.

Plans for a credit card service were unveiled by the tech giant at its March 2019 Spring Event, and there have been reports that the UK is due to sign up soon.

Apple has promised that Apple Card will transform the way we use credit cards, offering claims to lower interest rates, no annual fees and no penalties for late payment.

Here’s what you need to know about the card.

How does Apple Card work?

Apple announced plans for its Apple Card service in March 2019 
Getty

Powered by Mastercard and Goldman Sachs, Apple Card is both a virtual card and physical card that can be used for both regular and Apple Pay services. Customers will be able to apply for the Apple Card through the Wallet app on their href="https://www.standard.co.uk/topic/iphone">iPhone, and then use it through Apple Pay as they wait for their Apple card to arrive through the post.

Apple Card boasts zero fees, lower interest rates and flexible repayments. Users can also manage their spending through the Wallet app, and rewards them with a new loyalty scheme called Daily Cash.

In addition, every time you make an Apple Pay transaction, you get two per cent cashback. For Apple purchases, you get three per cent cashback.

The cash back is delivered daily to your Apple Cash balance or to the monthly card as a credit balance if you don’t have an Apple Cash account.

Do you need a pin number for Apple Card?

Security has been a key focus for Apple in the development of its Apple Card, and the company has assured customers that each transaction is private and secure.

To ensure this, there is a one-time security code to protect your unique card number and all transactions are backed up by Face ID or Touch ID.

The card itself also has no card number, no expiration date, no CVV and no signature.

When is Apple Card coming to the UK?

Apple has not yet announced any plans to launch Apple Card in the UK.

However, according to a Patently Apple report, the tech giant has applied for the Apple Card trademark in Europe and Hong Kong, so we could expect a UK launch in the near future.

How to get an Apple card

Apple Card is currently only available in the US
Apple

To be eligible for an Apple Card, your Apple device will need to be running on iOS 12.4. Signing up only takes a few minutes, but unfortunately, the registration feature is not yet available in the UK.

What is Daily Cash?

Daily Cash is the unlimited reward scheme available to all Apple Card customers. Essentially, the service pays you daily for any transaction you make using Apple Card.

How much cashback you get will depend on where you use your Apple Card:

  • 3% cashback: Apple stores and services
  • 2% cashback: Purchases made with the virtual Apple Card
  • 1% cashback: Purchases made with the physical Apple Card

Apple Card: Wallets and algorithms

The launch of Apple Card hasn't been without its issues. Thanks to the white titanium design, customers of the card were warned that keeping it in a leather wallet or the pocket of a pair of jeans could cause "permanent discolouration".

In addition, the issuing bank Goldman Sachs has come under fire for using "sexist" algorithms to determine a person's credit rating leading to women being offered lower credit limits. A spokesperson for the bank said credit decisions are based on a customer's creditworthiness and not on factors such as gender or race, however, the New York department for Financial Services is investigating whether state law has been violated.

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