The card expands the company’s digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone.
Apple is rolling out a credit card that it says is designed to do things no other card can. So how does it actually stack up?
He points to the Citi Double Cash card, which offers an easy-to-use 2 per cent back on any purchase. Or the U.S. Bank Altitude Reserve Visa Infinite card, which offers 3 points per dollar on mobile-wallet spending –worth 3 per cent cash back or 4.5 per cent off travel. Rossman said even another branded credit card, the Uber Visa card, comes out on top with 4 per cent cash back on dining purchases.
A note on the interest rates as well — the card doesn’t come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That’s right in line with the rest of the market, Rossman said.Apple prides itself on privacy and security, so no surprise, the card sets itself apart here.
Even critics concede that the Apple Card technology provides a new layer of protection not available with other cards. And mobile payments, such as Apple Pay, are generally more secure than traditional credit cards.
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