After months of waiting, Apple has invited some selected clients to apply for its exclusive Apple Card service. Tim Cook, the Apple CEO, has announced the news during the company’s third-quarter meeting. So, Apple’s credit card service with the partnership of Goldman Sachs is starting from August this year. The move is one of the company’s extensive push to widen service business from its 1.4 billion dynamic and active Apple gadgets. It seems like, Apple is relying on these services to raise profit where the sales of iPhones remain moderate. Even more, the phone maker has reported income of the service segment worth USD 11.46 billion for the Q2.
On the other side, it is a great chance for Goldman Sachs to diversify its enterprise into retail banking. Besides, MasterCard is going to offer the installment system to the new credit card. The clients who have gained access are one of the first individuals who got the invitation from Apple. The company aims to launch the service in for all people in the upcoming time. Currently, a group of iPhone users has the potential to apply for the service via their iPhone wallet app. Notably, the Apple Card has no transaction, penalty, annual, or other fees. As per Goldman Sachs’ client agreement for the credit card, the variable APRs ranges from 13.24% to 24.42% dependent on reliability. Apple said it wouldn’t gather transaction information from Apple credit card clients, repeating it focuses on client protection.
Clients will get cashback on buys made with the card, rather than reward points, through a tiered system. Purchasing of services or goods directly from Apple (including online store, Apple retail locations, Apple Music, iTunes, etc.) will get 3% cashback. Buying from Apple Pay will get 2%, and every other buy will get 1% cashback daily. Apple has declared about the credit card at its service event in March. At the time, it had also announced its services of Apple TV+ streaming video, Apple News+, Apple Channels, etc.
Barbara is the person who wants to see how technology can enhance the lives. SHe’s also a gadget-freak, who tries out almost every device that is released in the market. Janmorgan Media has benefited from the insight in the articles from the technology sector. SHe’s also interested in the business world, which now grows in parallels with the tech world.