Apple has finally rolled out its digital credit card, just as Tim Cook promised last month during the company's last earnings calls. The much-awaited Apple Card, however, can only be used by select users, at least for now.
Apple Card Preview Rollout
The Apple Card, which the Cupertino-based company issued in partnership with Goldman Sachs, has begun its "preview rollout" on Aug. 6 and will be available to all iPhone owners in the United States later this month.
Apple said that a random selection of people who signed up to be notified about the card will be invited to sign up, albeit it did not reveal the exact number of people who will be included in the preview group.
Sign-up Process
The sign-up process requires an Apple device that runs on iOS 12.4 and involves entering personal data such as an address, birthday, income level, and the last four digits of the user's Social Security Number.
The information is then sent to Goldman Sachs, which can approve or decline the application in as little as less than a minute.
For applicants who get approved, the new card will immediately show in the Apple Wallet and can be readily used. Approved users can also request the titanium card for free during the setup and the physical card will be sent to the mail later.
Users get to have three credit card numbers associated with the Apple card, namely the number assigned to the phone, the number assigned to the physical card, and a virtual card that can be accessed in the app for online merchants that do not accept Apple Pay.
Interest Rates And Cashback Rewards
The interest rates fall between 12.99 and 23.99 percent, which is on par with other credit cards. Users also get 3 percent cashback on purchases of all Apple products. Those who complete purchases using Apple Pay get 2 percent cashback. A mere 1 percent cashback is offered for those who swipe the titanium card.
The cashback rewards can be redeemed daily as cash within Apple Pay or as a way to pay down the balance.
