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How does the Apple Card work exactly?

One of the keynote’s surprise last Monday was Apple’s credit card. The Cupertino company takes a big leap by complementing its payment platform with the Apple Card and promises a unique user experience. We already knew some curiosities but new details have been revealed that help us to understand better the functioning of the Apple Card.

The data has been unveiled by TechCrunch and we clarify many of the questions we had, such as how Apple will make money with this card.

Apple Card

All the details of the Apple Card

Apple has given everything very well tied and your credit card is possibly the safest in the world thanks to various implementations that have been made. We know that, although it has been announced only for the US, Apple is working to reach soon more countries, so these details are sure to interest you.

Basic operation

The most interesting thing about the Apple Card is that it is configured in a matter of minutes on any iPhone with Apple Pay from the Wallet application. In addition, this app will show us in a very visual way all the expenses and payments that we have made with the card, we have made them with Apple Pay or not. Yes, the Apple Card can be used outside of Apple Pay as a normal card.

One of the main functions of the Apple card is what they have called “Daily Cash”, basically it is a return of part of the money you have spent each day. Apple will refund 2% of the total you have spent buying with the Apple Card each day, 3% if the purchase is in an Apple Store.

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No commissions

Apple presumes not to charge any commission for having your card or for buying with it. It is a completely free card that will not cost you anything per year, however, it is a credit card and like the rest, you have some associated interests in case of delayed payments.

So, how does Apple earn money with its card?

There are two ways in which Apple will earn money with the Apple Card. With every transaction we make with a card, banks take a percentage of it for using their cards, with the use of Apple Pay the company also takes apart. If you use your card this percentage will go completely to Apple.

On the other hand are the interests of credit cards. The North American market is very different from the European one, it is usual to have several credit cards that what they really do is lend you money. At the end of the month, it is you who decides how much money you want to amortize and therefore generates a series of interests. This is where this type of cards really earn money and, although Apple has assured that their interests are lower than the average, they are still interested. This is perhaps the main problem to bring the Apple Card to Europe.

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Curiosities and details of the Apple Card

Once analyzed the key points of the Apple card, which by the way is not the first offered by the company, we go with other important details and other curiosities that have been revealed:

  • The physical Apple Card has no signature or number.
  • We will not see the classic three-digit security code, there is no CVV.
  • For greater security, Apple will generate a number and a code in the virtual card when we want to pay online with the Apple Card, but these numbers will not be permanent.
  • Each purchase will require a confirmation code that will appear after identifying with Face ID or Touch ID.
  • At the moment you can not register an Apple Card with several names, it is not multiuser.
  • Your purchasing data will not be sold to third parties.
  • You will have a chat open 24 hours a day for any questions.
  • Replacement Apple Cards are free.

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Hassan Abbas

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